A recent WalletHub report reveals New York has the second highest tax burden in the U.S., at 13.6%, just behind Hawaii. New Yorkers face the highest income taxes among all states, significantly outpacing California. WalletHub analyst Chip Lupo noted that residents often overlook the impact of taxes due to automatic deductions from paychecks; he suggested that requiring residents to pay taxes directly could highlight the need for tax reform. Overall, New York City residents face even steeper burdens due to local sales taxes, making effective tax management even more critical.
"People lose sight of how much of their income is actually going to taxes because it's taken automatically from our paychecks," said WalletHub analyst Chip Lupo.
"If they were forced to write a check at the end of the year instead, I think that would raise some red flags and would probably be a call to action for some serious tax reform in this country."
New York had a 13.6% tax burden - meaning 13.6 cents of every dollar goes to taxes.
New York City's tax burden is even higher than the survey implies, as it adds its own 4.875% sales levy to state's 4% sales tax.
Collection
[
|
...
]