Archive: Business & Technology

Wednesday was tax day, so it's a good time to think about what we're getting for our tax money.  According to a Wellethub analysis New York is in the lower half of states in therms of Return On Investment (ROI) for tax dollars, ranking 35th out of 50.  While Alaskans pay more than just about anyone in taxes, their state ranks number one on ROI.  New York's ROI may not be swell, but Arkansas ranked lowest in the list.

New York ranked quite low on infrastructure, ranking last or close to last in the bottom five states for hospital systems, water quality, and worst roads and bridges.  The state ranks 22nd in overall services.  However it ranks 9th in safety, 14th in health, and 16th in education.

Vermont ranks #1 in education.  Minnesota is #1 in infrastructure and the economy.  Connecticut is #1 in safety, Iowa #1 in health, and Alaska has the least pollution.

New York is the highest in vehicle property tax, because it doesn't have one.  It shares that distinction with 22 other states.  But the state's average real estate tax is high, with New York ranking 41st out of 50 (the higher number having the higher property tax average).

Source: WalletHub

Wallethub concludes that states dominated by Democrats have better ROI than red states, but are significantly worse in the amount of property taxes levied.

New York also ranked among the worst states to be a taxpayer, ranking 46 out of 51 (the 50 stanes plus the District of Columbia).  New York has the 49th highest gas taxes per gallon, the highest state cigarette excise tax and ranks near the bottom for having the highest real estate tax, income tax and sales and excise taxes.  Ironically New York ranks fairly high, number 11, in having the most financially literate people living here, and it ranked positively for having a relatively low crime rate.

In a recent Bankrate ranking Wyoming ranked #1 as the best state to retire to, citing low taxes, good weather, and a low crime rate.  New York ranked as the second worst state for retirees.  Wallethub ranked New York second worst for military retirees.  For general retirement the best place in New York is Yonkers, which ranked 130th out of 150 among a national list, making New York one of the worst states for retirees.  That Wallethub study found New York cities in the bottom five for having the highest adjusted cost of living, the fewest recreation and senior centers per capita, and the worst weather.

Overall the studies paint a bleak picture for New Yorkers who pay a lot but get poor value for their tax money.  For what it's worth, most of the best value states are in the west, with New Hampshire a notable exception (with a ranking of 8 out of 50).  Little comfort last Wednesday.

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