Welcome to the \u201cvampire state.\u201d <\/p>\n
New York sucks the most money from taxpayers\u2019 pockets out of any state in the nation<\/a>, using the windfall to fund its massive spending programs, a new report found.<\/p>\n When combining all state and local taxes, New York ranked No. 1 in tax burden per resident, according to the analysis by the Citizens Budget Commission released Wednesday.<\/p>\n New York was also the biggest spender among mainland states, second only to oil-rich Alaska, the non-partisan watchdog group found.<\/p>\n New York is the \u201cvampire state\u201d for taxpayers, sucking the most money from their pockets compared to any state in the nation to fund massive spending programs, according to a new report.<\/p>\n A chart of the total state and local taxes collected per capita in 2024. Citizens Budget Commission<\/p>\n The blue state\u2019s runaway spending \u2014 including on Medicaid and public education<\/a> per student \u2014 eclipsed that of neighbors and competitors, like New Jersey and Texas, the CBC said.<\/p>\n \u201cCombined with New York\u2019s high cost of living and uneven public services, these fiscal burdens weaken New York\u2019s value proposition and its ability to attract and retain residents and businesses,\u201d the report said.<\/p>\n \u201cNew York State and its localities should hold the line on\u2014and preferably reduce\u2014taxes, while improving service quality, affordability, and government efficiency.\u201d<\/p>\n The report comes during the final stretch of a campaign for governor, with Democratic incumbent Kathy Hochul in charge during New York\u2019s dubious distinction as the highest-taxed state as she faces off against Republican Bruce Blakeman.<\/p>\n A chart of the total state and local expenditures per capita in 2024. Citizens Budget Commission<\/p>\n State Conservative Party Chairman Gerard Kassar said the report\u2019s findings are proof that New York\u2019s policies are forcing residents to <\/a>flee.<\/p>\n \u201cNew York is the vampire state. Vampires suck blood. New York politicians suck money out of your pocket and don\u2019t think twice about it,\u201d Kassar told The Post.<\/p>\n \u201cThe high taxes is one of the reasons New Yorkers leave the state.\u201d<\/p>\n The Citizens Budget Commission also notes that the Empire State spent more money than its competitors such as New Jersey and Texas when it came to Medicaid and public education per student. peresanz \u2013 stock.adobe.com<\/p>\n The report, covering taxes and spending for fiscal year 2024, found New York state and local governments collected the most per resident \u2014 71% more than the national average and topping left coast spendthrift California by 22%.<\/p>\n Other findings include:<\/p>\n NYS and localities collected more personal income tax per $1,000 of any state, at $41 \u2014 94% more than the national average.<\/p>\n Collected the most corporate taxes per $1,000 of state GDP in the nation.<\/p>\n Spent more per capita than all states except Alaska \u2014 44% more than the national average.<\/p>\n Spent 23% more per capita than Massachusetts, 40% more than New Jersey and 96% percent more than Florida.<\/p>\n NYS would have saved $99 billion if its politicians spent like neighboring New Jersey and $143 billion had they spent like Texas.<\/p>\n The Empire State had the combined highest personal income taxes and the highest corporate income taxes, third-highest property taxes, sixth-highest sales taxes and 13th highest for all other taxes, according to the CBC.<\/p>\n Why does New York have such a steep tax burden? The state imposes a sweeping array of taxes and its progressively high state and city income tax rates snatch more revenue from the wealthiest residents, according to the CBC.<\/p>\n A chart of the total state and local taxes collected per $1,000 personal income in 2024. Citizens Budget Commission<\/p>\n State and local governments also impose hefty property taxes on valuable real estate assets.<\/p>\n New York City even imposes a 6% commercial tax rent of least $250,000 for tenants renting in commercial buildings in Manhattan south of 96th Street.<\/p>\n There\u2019s also the state\u2019s \u201cMobility Payroll Tax\u201d <\/a>on firms in the city and metro region \u2014 which directly funds the Metropolitan Transportation Authority that operates Big Apple subway, bus and regional rail lines.<\/p>\n New York State\u2019s state and local tax collections per capita also rank among the highest across the US. Citizens Budget Commission<\/p>\n The nation\u2019s highest taxes fuel the highest spending among US mainland states, according to the CBC.<\/p>\n