December 9, 2003
Business pays roughly one of three state and local tax dollars collected in New York
New York State businesses pay roughly one of every three tax dollars collected in New York State, a tax burden than is higher than most other states, according to the fourth briefing paper in The Public Policy Institute's Tax Watch '04 series.
The new paper - "Corporate, Personal, Property Taxes: All Part of a Heavy Tax Burden on Business"- was posted Dec. 9.
Businesses pay many different businesses taxes in New York, including the states's general corporate income tax and taxes on specific industries such as telecommunications and energy utilities, insurers, banks, petroleum companies, truckers and taverns.
In addition, many businesses, especially smaller ones, pay taxes through their owners' personal income tax. And businesses pay about a quarter of all sales taxes, an even higher percentage of local property taxes, and about two-thirds of the state's hidden taxes on health insurance, the paper noted.
The Public Policy Institute, The Business Council's research affiliate, launched the Tax Watch '04 series in November to document the effect of taxes on New York's economy, and the importance of restraining government spending as an essential first step in reducing New Yorkers' tax burden.