Fiscal Policy Institute: New York’s Regressive Tax Structure and the 1% Plan for Tax Fairness
ITEP Work in ActionThose in the wealthiest 1% are taking home the lion’s share of income gains, yet they nevertheless pay a smaller share of their income in combined state and local taxes than lower and middle-income families. New York households with incomes under $100,000 pay higher effective state and local tax rates, ranging from 10.4% to 12%, than the richest 1% of households, who pay 8.1%.