New York: Burden is not lessening
Tax filings are due Monday, and New York needs each and every one of those filings from state residents to keep lurching along.
Wallethub, a personal finance website, recently released its 2017 rankings of tax burden by state. In order to determine which states tax their residents most aggressively, WalletHub’s analysts compared the 50 states based on the three components of state tax burden — property taxes, individual income taxes, and sales and excise taxes — as a share of total personal income.
Not surprisingly, New York residents pad the highest tax burden in the country, with 12.94 percent of state residents’ personal income paying for taxes. The state ranked seventh in highest property tax burden, with 4.55 percent of personal income paying property taxes. The state also had the highest individual income tax burden at 4.76 percent.
We hope everyone keeps those statistics in mind when their local school board asks for just a little tax increase or when their state government wants to raise the age of criminal responsibility for juvenile offenders at a cost of only a few hundred million dollars. New York spends money like a credit card junkie — and then sends us the biggest bill for services in the country. It needs to stop.