Finance

Washington Not Providing NY Its Fare Share

November 4, 2015
By Jerry Cohen

New York, NY – New York is generating $19.9 billion more in tax revenue for Washington and its not receiving its fare share. For every dollar New York sends to Washington D.C., it receives about 91 cents back in federal spending. That compared to a national average of nearly $1.22. This according to a report released by State Comptroller Thomas P. DiNapoli.

New York ranked 46th in the nation in its balance of payments between the amount it generated in federal taxes and the amount of federal government spending it received.“The Empire State pays more to Washington than it gets back,” DiNapoli said. “A high-income state like New York generates more in federal taxes than other states, but we also have significant costs, and the continuing imbalance raises questions about equity for New Yorkers. Our Congressional delegation has pushed hard over the years to increase New York’s slice of the pie and these continued efforts should be encouraged.

”In federal fiscal year 2013, the U.S. government spent nearly $3.5 trillion, and brought in nearly $2.8 trillion in revenue, with a budget deficit of $680 billion. That same year, the latest for which detailed figures are available, New York state generated an estimated $214 billion in all taxes for the federal government, which ranked third behind California and Texas. New York provided $19.9 billion more in tax revenue than it received in return from the federal government.New York generated almost $120 billion in individual income taxes alone, which was 9.2 percent of the total amount collected in individual income taxes by the federal government. New York’s per capita individual income taxes of $6,099 were 47 percent higher than the national average of $4,139, ranking New York sixth in the nation.Connecticut was first at $8,479.

November 3, 2015

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.