Maintaining New York’s Competitiveness
There is an opportunity to increase New York’s appeal as a hub for talent and business investment through a focus on opening opportunities for all New Yorkers and addressing the relatively high tax rate on the city’s workers.
New York has some of the highest income taxes in the country, further exacerbated by federal tax reform eliminating deductions for state and local taxes. Comparatively high tax rates in New York hurt the city’s ability to attract top talent and business investment and ensure New York retains its status as a global business hub.
New York City taxpayers contribute $56.1 billion more to the federal government than the city receives back in federal funding.
The average family of four that earns $175,000 will pay 25% of their income in taxes; in Florida the same family will pay 14%.