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Report ranks N.Y. as worst state to be a taxpayer

Rochester Business Journal
March 18, 2014

New York residents have much to overcome in their quest for upward economic mobility. The state has been ranked last in terms of taxation in a new report by WalletHub.

Washington, D.C.-based WalletHub—a social website launched by Evolution Finance Inc. offering tools and information for consumers and small-business owners to make better financial decisions—analyzed tax rates in 10 key areas and found New York’s average annual state and local taxes amounted to $9,718. That is 40 percent higher than the national average.

Among the findings, WalletHub noted New York has the second-highest gasoline taxes at nearly 68 cents a gallon, and the third-highest local income tax rate of 1.438 percent. New Yorkers pay the seventh highest rate for sales tax at 8.48 percent, while the alcohol tax is the nation’s 11th highest at 8.48 percent.

The report, Best & Worst States to be a Taxpayer, notes economic mobility has a strong correlation to where people live and the state and local taxes they pay.

Wyoming ranked as the best state for taxpayers. Residents pay an average of $2,365 annually for state and local taxes, roughly two-thirds less than the national average. Alaska ranked second with average annual state and local taxes of $2,791, 60 percent less than the national average.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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