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Taxes

As April 15th looms, New Yorkers are thinking about paying taxes.  The prospect is not good.  A new Wallethub analysis released Tuesday finds that New York has the 4th highest tax rates of all the United States.  And in a survey also released Tuesday Americans said they are not happy about taxes.  Fewer than 4 in 10 people said they are happy with President Trump’s tax reforms. 70% said they think they benefit the rich more than the middle class. 89% of people think the government currently does not spend their tax dollars wisely. 36% of people said they would move to a different country for a tax-free future.  24% said they would get an 'IRS' tattoo, 16% said they would stop talking for 6 months, and 15% said they would take a vow of celibacy if they could have a tax-free future.

News for New York taxpayers is especially grim.  The state has the highest income tax rank, the 8th highest real estate tax, 16th highest sales and excise taxes, and 3rd highest overall effective state & local tax rate.  New York has the 5th highest gas taxes, and is tied with Connecticut for having the highest cigarette taxes.  The only good news the analysis reports is that there is no vehicle property tax in New York, which ties the state with several other states in first place.

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