Nearly two-thirds of New York State’s tax receipts are now generated by the personal income tax, or PIT, which relies disproportionately on the highest-earning one percent of New York taxpayers. This paper presents charts and tables highlighting notable trends in state PIT data in light of proposals to extend or increase the state’s so-called “millionaire tax,” along with scheduled PIT rate reductions in tax brackets below the highest income levels. Read More
Tag: Income tax
New York ranks 49th out of 50 states in the Tax Foundation's 2017 State Business Tax Climate Index, released today. (New Jersey seems permanently mired in last place, so we've got that going for us, which is nice.) The Empire State's overall ranking on the widely noticed index is unchanged from last year, has ranged between 48th and 50th for a decade now, and has been 49 for most of Governor Andrew Cuomo's tenure. Read More
"Start-Up New York is proof positive that taxes aren't the only thing that's hindering business in the state of New York. It's clearly something bigger," Empire Center Policy Analyst Ken Girardin. Read More
A job-creation program highly touted by Gov. Andrew Cuomo's administration created just 408 new jobs in its first two full years, despite an advertising campaign that cost state taxpayers tens of millions of dollars. Read More
Among the nation's four most populous states, New York is better prepared than California to weather the next recession—but not as well-prepared as Florida and Texas, according to fiscal stress test results from Moody's Investor Service. Read More
New York's new state budget includes the biggest permanent "middle class" income tax cut in 20 years. Gov. Cuomo and the Legislature can pay for it by restraining spending and enacting more tax reform. Read More
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