New Yorkers finally can keep a buck for themselves as state observes nation’s 3rd latest Tax Freedom Day, worst business climate, highest tax burden & 2nd highest income taxes
Time to celebrate, New York. Today is our Tax Freedom Day -- the day when taxpayers have symbolically worked long enough to pay off all of their tax bills at the federal, state and local levels and take a buck home.
Unfortunately, the Empire State has the third latest date in the nation for when taxpayers pay off all their tax obligations and start pocketing their hard-earned money to pay for things like mortgage, groceries, car payments, electric bills and college tuition.
“New Yorkers have been working their tails off for over four months to fill the government’s coffers. Taxpayers can start keeping those dollars for themselves and their families now that Tax Freedom Day has at long last arrived. Unfortunately, despite what some television commercials suggest, New York is anything but tax free. While the Empire State has made some modest progress in getting New York working again, there’s still much to do to free taxpayers from the Tax Hell of being stuck at the bottom of the nation’s barrel for economic competitiveness and tax freedom,” said Assemblyman Jim Tedisco (R,C,I-Glenville).
New York ranks third behind Connecticut and New Jersey (both May 9) for the latest Tax Freedom Day in the nation, according to the Tax Foundation. Here’s a link to a map of state by state rankings of Tax Freedom Day in America.
The Tax Foundation also ranks the Empire State 50th overall for state business tax climate, number one for highest tax burden and 49th for individual income taxes in the nation.
Tedisco has joined with the National Federation of Independent Business (NFIB NY), Unshackle Upstate, the Chamber of Southern Saratoga County and Saratoga County Chamber of Commerce to call attention to this ignominious distinction and note that while progress has been made, there’s a lot more work to be accomplished to help taxpayers escape from New York’s Tax Hell.
To read more on what these leading business groups have to say about Tax Freedom Day or for some solutions to turn the state’s economy around, click here.