Research
New York’s Tax Problem
February 9, 2017
Overview
New York’s top personal income tax rates are higher than its domestic and international competitors, and the state tax base has become dangerously dependent on a relatively small number of highly mobile taxpayers.
12.696%
New York City’s combined city and state personal income tax rate is higher than any place in America except California.
42%
The top 1% of New York taxpayers pay 42% of total state income tax revenue.