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24/7 Wall St.: 6 States Where Taxes Are Soaring

4. New York

Increase in personal income tax: more than 5%
Expenditure per capita (2008): $5,353 (12th highest)
2009 budget shortfall: 13.2% (16th highest)
Home price decline from peak: 8.3% (16th smallest)

According to the Tax Foundation, New York has been spending approximately 144% more per person each year than it did in 1977, the first year with recorded data. In 2009, New York spent $18,126 per pupil, more than any other state. It also spent $9,056 per Medicare recipient, also more than any other state.

When creating the fiscal year 2012 budget, legislators confronted a $10 billion deficit, or 17.6% of the total available funds. For that budget, the state was forced to cut funding for the SUNY colleges by 7.6%. Yet, these cuts, and others like it, have not been enough to balance the budget. The state has raised tax revenues by at least 9% between 2009 and 2011, partially by increasing personal income and cigarettes taxes by 5% or more.

(AP Photo)

More From 24/7 Wall St.:
America’s Disappearing Restaurant Chains
American Cities Where Manufacturing Is Booming
States Where Seniors Cannot Afford to Live

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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