Post by Swoosh on Apr 8, 2007 9:10:35 GMT -5
...suck. Read this article from the "New York Minute" blog.
This is exactly the type of thing I'm trying to stay by starting FNY - I'd love it if we could all move to NY together, but we have to plan ahead, because it is NOT an average lifestyle.
While I try to be as much of an optimist about New York City as possible, it is important to acknowledge the drawbacks of life in NYC.
Costs for just about everything including food, housing and transportation are high. Taxes are high too. At 8.625% the sales tax in New York City is probably higher than anywhere in the country.
A new report confirms that taxes in New York City are higher than anywhere in the United States. The New York Post wrote an editorial on the topic yesterday. The news is not good.
According to their editiorial, “New York state and city taxes consumed $9.02 of every $100 earned during the 2003-2004 tax year - far above the big-city average of $6.16. “No other city even comes close” to New York, the report concludes.” Ugh!
The upside, if there can be one, is the fact that the city provides many services as a result of these tax dollars. The Parks Department alone spends a considerable amount maintaining our many city parks including Central Park. Tax money also goes to paying for our many Public Schools and Libraries around the city.
In a city like New York the taxes need to be high in order to support the massive services required by over 8 million residents.
Should you avoid moving to New York City due to the high taxes? I say no. Instead you should plan ahead. Learn about budgeting for personal finance. Create a budget and include taxes as one of your major expenses. This will help make your plans realistic and increase the chances that your experience in the city will meet your expectations.
Costs for just about everything including food, housing and transportation are high. Taxes are high too. At 8.625% the sales tax in New York City is probably higher than anywhere in the country.
A new report confirms that taxes in New York City are higher than anywhere in the United States. The New York Post wrote an editorial on the topic yesterday. The news is not good.
According to their editiorial, “New York state and city taxes consumed $9.02 of every $100 earned during the 2003-2004 tax year - far above the big-city average of $6.16. “No other city even comes close” to New York, the report concludes.” Ugh!
The upside, if there can be one, is the fact that the city provides many services as a result of these tax dollars. The Parks Department alone spends a considerable amount maintaining our many city parks including Central Park. Tax money also goes to paying for our many Public Schools and Libraries around the city.
In a city like New York the taxes need to be high in order to support the massive services required by over 8 million residents.
Should you avoid moving to New York City due to the high taxes? I say no. Instead you should plan ahead. Learn about budgeting for personal finance. Create a budget and include taxes as one of your major expenses. This will help make your plans realistic and increase the chances that your experience in the city will meet your expectations.
This is exactly the type of thing I'm trying to stay by starting FNY - I'd love it if we could all move to NY together, but we have to plan ahead, because it is NOT an average lifestyle.
