ALBANY, N.Y. — New York had a successful year in tax collection, largely due to the stock market, according to Chief Investigative Reporter Berkeley Brean from News10NBC.
Amanda Hiller, acting commissioner of the Department of Tax and Finance, said, “Most New York and businesses have modest income tax burdens but our highest earning individuals and businesses pay the highest combined tax rates in the country.”
Last year, the state collected $162 billion in taxes, an increase of $6.7 billion from the previous year. Sales taxes also saw a rise of $1.2 billion.
Sen. Steven Rhodes of Nassau County highlighted, “The Tax Foundation states competitive income tax rankings for 2025 put New York dead last out of 50 states.”
Hiller was questioned by lawmakers about the increase in tax receipts. Rhodes challenged her on the inclusion of tax increases in the budget. Hiller responded, “The governor has not proposed to raise taxes. We’re extending the top market tax rate.”
A Marist poll indicated that 33% of New Yorkers are considering leaving the state in the next five years, with 15% citing taxes as a reason.
Brahvan Ranga from Invest in Our New York said, “Studies have shown that while the state has gained millionaires and billionaires in recent years, working people are leaving the state because they can no longer afford to live here.”
The tax department reported that more than $2 billion in tax dollars were returned to over 8 million New Yorkers through rebate checks. The state income tax rate is currently the lowest in 70 years. The New York sales tax rate is 4%, tied with Alabama and Georgia for the second lowest among states that charge sales tax. School taxes remain a significant burden.
New York’s tax collection hits $162 billion, but 33% of residents eye leaving due to tax concerns WHEC.com.
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