New Yorkers carry a heavy tax burden
Why are people leaving New York State? We have the highest income tax rate, highest real estate tax, highest utility tax and highest estate tax. (A majority of states comply with the federal exemption of $5.3 million.) If an estate is worth $1.5 million, it is taxed at 10 percent. This means that after the $1 million exemption is applied, the taxpayer must pay New York State $50,000.
I have five children and they all had to leave the state because of jobs and taxes. They all are educated with families now and are flourishing. How sad. We have the finest restaurants and people in this state, but the highest taxes.