New Yorkers Pay 30% More in U.S. Taxes Than National Average
(Bloomberg) -- New York taxpayers sent about $24 billion more to the U.S. government last year than the state got back in federal spending, Comptroller Thomas DiNapoli reported Wednesday.
The state generated almost $250 billion for the federal treasury in the 2017 federal fiscal year ending Sept. 30, 2017 -- $12,588 per person -- or about 30 percent more per capita than the national average. It received a below-average $11,372 per resident, the study calculated. The state ranked 47th among the 50 states in the difference between the taxes individuals paid and federal spending received, with a per capita shortfall of $1,216, the report said.
The federal tax cuts signed by President Donald Trump last December limited to $10,000 the amount of property taxes and other local levies eligible for federal income-tax deductions. That disproportionately affected residents of New York and other states with higher local tax burdens. The comptroller’s report said it’s too early to predict precisely how these changes would affect the balance of payments in such states.
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