![]() Presented in tables covering tax years 2006 through 2021-the most recent years for which detailed information is available-the data comes from annual files of New York personal income tax returns made available to researchers by the New York State’s Department of Taxation and Finance, Office of Tax Policy Analysis (OTPA). © 2024 NYP Holdings, Inc.Data for 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006ĭata on the income and personal income tax (PIT) liability of New York City residents grouped by income ranges is available by tax liability (calendar) year from the links above. Total taxes coming: $206,253 = 37% of salary Total taxes now: $194,995 = 35% of salary “This budget, if it passes, puts us on a very dangerous and downward trajectory.” “Already I see friends I grew up with leaving. Still, the highest rollers taking home $25 million or more could end up owing 55 percent of their income to federal, state, and city tax collectors.Īnd since New York’s top 1 percent generates 44 percent of the state’s tax revenue - with each $10-million-plus earner kicking in an average of $1.2 million to state and city coffers - a sudden tax increase could mean a big economic risk. The government charges a lower rate on earnings up to a certain threshold - in New York state, for example, it’s 4 percent on the first $17,150 - and progressively higher rates on amounts earned in the bigger brackets. Thanks to the marginal tax system, only the wealthiest would actually shell out that big a chunk of their incomes. Meanwhile, Biden’s plan to boost the top federal income tax rate to 39.6 percent for couples earning more than $400,000 a year - as compared to the 37 percent top rate in place since 2017 - would inflate the tax burden of at least 443,000 New York State households.Īdd in New York City’s 3.876 percent income tax, and singles with $1 million incomes will see top tax rates of 53.3 percent, with $5 million earners in the five boroughs hit by 54.3 percent rates.ĬOVID-ravaged New York faces new plague of tax increases “At some point people may feel it’s just too much for them,” said economist Alexander Heil of the Citizens Budget Commission. ![]() The state Senate’s budget includes an almost 12 percent rate increase, from 8.82 to 9.85 percent, on incomes over $1 million. The Democrats’ tax plan would also add new state tax brackets of 10.85 percent on $5 million incomes and 11.85 percent on those earning $25 million or more. The $7 billion in new taxes proposed last week in the state Senate’s budget includes an almost 12 percent rate increase, from 8.82 to 9.85 percent, on incomes over $1 million. “It’s an increase on people who are already paying more than taxpayers anywhere else - and getting less in return.” “It’ll be the straw that broke the camel’s back,” State Sen. High-income New Yorkers will face a double whammy from both state and federal tax collectors if President Joe Biden and Albany Democrats have their way.Ī combination of new state income tax brackets and higher rates would put the biggest earners - households taking in $2 million-plus annually - on the hook for tax bills totaling more than half of their income, experts said. IRS reveals when Americans can begin filing their taxes for 2023 JPMorgan CEO Jamie Dimon says San Francisco in ‘far worse shape’ than NYC ![]() Lawmakers reach $78B deal that includes boosting child tax credit as shutdown loomsĪ social-media win for history, Putin’s vile civilian attacks and other commentary
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