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Comparing state and local taxes in large U.S. cities.(News & Numbers)
According to the New York City Independent Budget Office, New York City has the highest tax bite among other large cities. State and local taxes account for $9.02 of every $100 in household income. The average state and local tax burden for the other eight cities in the study was $6.16 of every $100 in gross taxable resources. New Yorkers face a tax burden of a city income tax that tops out at 3.65 percent and a state income tax with a ceiling of 6.95 percent, along with property and sales taxes.
* Local tax effort in New York City was 90 percent higher than the average in the other large cities, while state tax effort in the city was 6 percent above average.
* Local personal and business income tax effort alone was $1.82 in New York City compared to an average of $0.23 in the other large cities. The difference accounted for more than half of the total state and local tax effort differential with the other cities. These unusually high local income taxes came on top of above-average property and local sales tax effort.
* The ratio of ...
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Source: HighBeam Research, Comparing state and local taxes in large U.S. cities.(News &...