The highest earning one percent of New York City residents generated 43 percent of city income taxes and 51 percent of the New York State income taxes collected from individuals living in the city as of 2016, according to newly released data from the Independent Budget Office (IBO).
The IBO’s latest tax liability estimates highlight once again New York’s heavy dependence on the top 1 percent, for which the income cut point as of 2016 was $713,706.
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