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Business

New Yorkers last to hit tax freedom

By
Gregory Bresiger
Published April 21, 2019, 12:04 a.m. ET

The Empire State has become a tax hell for many, with some New Yorkers looking for the exits.

That’s because this year the state is once again the most taxing in the nation, a new study says.

To demonstrate the draconian burden New Yorkers have to endure, the Tax Foundation, in its new study, found that Tax Freedom Day will arrive here the latest of any state — May 3. That’s almost three weeks later than the national average of April 16.

Tax Freedom Day is the number of working days each year it takes the average American to earn the money to pay his or her tax bill. There are several reasons New Yorkers are the last to reach tax freedom.

“New York’s tax burden is incredible,” said Garrett Watson, special projects manager with the Tax Foundation.

Some of it is a high state tax. Some is a city tax combined with a state tax. Some is the effect of federal policies.

But the Tax Foundation said the result is the same: The average New Yorker’s state and local tax burden per capita is $8,957, compared with $4,946 in the rest of the country, according to the Tax Foundation’s State Business Tax Climate Index study.

This comes as many New Yorkers must also pay more in federal taxes because of the new tax code.

“It creates a vicious cycle,” Watson said.

Gov. Cuomo, Mayor de Blasio, state Assembly Speaker Carl Heastie and state Senate Finance Committee Chairwoman Liz Krueger all declined to comment.