December 11, 2003
New York's personal income taxes are biggest factor in state's uncompetitive tax burden
Personal income taxes in New York State are the single biggest reason New York's tax burden is uncompetitively high, according to the fifth briefing paper in The Public Policy Institute's Tax Watch '04 series.
The new paper"Personal Income Tax: The Biggest Hit on New York's Workers and the Economy"was posted Dec. 11 at www.ppinys.org/twatch04.htm.
New York's top personal income tax rate, 7.7 percent, is much higher than the top rates in neighboring and competing states such as New Jersey (6.4 percent), Massachusetts (5.3 percent), Connecticut (4.5 percent), Michigan (4 percent), and Pennsylvania (2.8 percent), 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.