If Taxes hurt growth, why is NYC doing so much better than the rest of the USA?
NYC has higher rates of taxes than almost anywhere else in the country, yet our economy is bigger and growing faster than the rest of the country.
NYState income tax rate 4-8.97%
NYCity income tax rate 2.907-3.648%
total 7-12.618% income tax
nyc is number 176 in unemployment:
New York's gross city product increased by about 0.9 percent to an estimated $602 billion in the fourth quarter of 2009, ending seven straight declines, according to city Comptroller John Liu. He estimated the gain capped a year in which economic output fell about 3 percent.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/09/20/bloomberg1376-L93SG61A74E901-6MCF3FLQJOROS8P75QS30GFQVF.DTL#ixzz12ix88oks