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Hi Everyone - Please correct me if wrong, but does NYC not have the highest tax rates on income in the world?
The media loves to point the the dysfunction in California, but what about NYC?
For self-employed people, doesn't the UBT and self-employment tax add up to 70% marginal tax rates at the top? Once "you make it here," you can pay 70% of what you make so it'll be next to impossible to accumulate wealth?
I haven't heard this being talked about very much. Why are some New Yorkers paying 70% income tax while people in London pay no more than 50% AND get free health insurance?
To be clear, I am not in this top bracket but I hope to be one day by working hard. The prospect of 70% in combined income taxes seems so demoralizing and unfair though.
Figured this injustice should be discussed, as tax season is upon us.
Hi Everyone - Please correct me if wrong, but does NYC not have the highest tax rates on income in the world?
The media loves to point the the dysfunction in California, but what about NYC?
For self-employed people, doesn't the UBT and self-employment tax add up to 70% marginal tax rates at the top? Once "you make it here," you can pay 70% of what you make so it'll be next to impossible to accumulate wealth?
I haven't heard this being talked about very much. Why are some New Yorkers paying 70% income tax while people in London pay no more than 50% AND get free health insurance?
To be clear, I am not in this top bracket but I hope to be one day by working hard. The prospect of 70% in combined income taxes seems so demoralizing and unfair though.
Figured this injustice should be discussed, as tax season is upon us.
I think tax rate is so high because of the amount of spending that is required for the state. Part of it has to do with people who are in welfare system. This is simply the cost of living to live in NYC.
Another thing is that this city is a massive piggybank for the rest of the state and the country. If there was anything even close to commensurate state and federal spending to tax receipt in the city, then the services rendered here probably could be well funded and then some which would lessen gripes about the heavy taxes for some.
actually it is because compared to long island and westchester real estate taxes are a fraction of other areas . nyc has an income tax instead . which is better is an individual situation .
1. NYC has income tax to offset relatively low property taxes.
2. NYC doesn't even have the highest local taxes in the country, let alone the world... Chicago has higher local taxes (sales tax, income, and all other fees that they charge).
3. Those tax calculations on the website are completely wrong. For one, if you are making enough money to be in the top federal/local tax brackets, you ain't paying 7.65% FICA taxes on all your income....
Lived in NYC many years. Paid ~55% Income Taxes. NYC income Tax + State income tax + Federal + FICA. Paid through the Nose 4 many years. <<<But when I needed help.>>> It was "Go pound salt Buddy !" I guess I was the wrong color. Sorry, I have 2 call it as I see it.
NY is for tax slaves. Cuomo offers tax free for companies to open for business here and hire people. That's how they get you to pay for it all. Pre-K, food stamps, affordable housing, HMO for the poor, school free lunch program, etc. You name it. All this paid for by your taxes.
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