September 17, 2014

Greenfield Daily Reporter: NY Tax Receipts Keep Rising Despite Growing Gap Between the Rich and the Rest

media mention

New York tax collections have continued rising despite a growing income gap between its richest residents and everyone else, even as a national study shows overall growth in state tax receipts slowing as the income gap widens across the U.S.

While declining to immediately comment on the S&P analysis, Cuomo administration officials pointed to a 2013 report from the Institute on Taxation and Economic Policy that found all New York’s state and local income, property, sales and excise taxes paid by non-elderly residents ranked the state second-most progressive, trailing only Oregon. The report cited both graduated income tax rates and refundable tax credits that mainly benefit low-income New Yorkers.