NEW YORK MOST BURDENED TAX STATE IN THE COUNTRY, AGAIN.
ALBANY (January
20, 2016): The National Federation of Independent Business (NFIB) is reminding
tax payers today that 12.8% of their earnings are ear marked for state and
local taxes, making New York the most burdensome tax state in the
country.
“It would be
great if for once New York coming in at number one was actually good news,”
according to NFIB New York state director Michael Durant. “Small businesses
certainly understand all too well just how overwhelming the tax burden is in
this state so our ranking comes as no great shock to those in the trenches trying
to survive this economic climate.”
Durant was
referring to today’s release of State-Local Tax Burden Rankings FY 2012 by the
Tax Foundation. According to their release, a state’s tax burden is the portion
of total state income that goes to state and local taxes. In order to determine
the rankings they included all taxes reported by the Census Bureau’s State and
Local Government Finance division including property, sales and income taxes,
among others.
“Our small
business community has been bearing the brunt of the spending problem that
exists in Albany for years. This study is just one more piece of evidence that
until lawmakers create sound fiscal policies and legislation, our state will
continue to suffer and drown in both state and municipal taxes.”
