As New Yorkers rush to file their tax returns, they’re feeling the pinch not just from Uncle Sam, but from layers of taxation that drive up New York’s cost of living.
A survey by Reclaim New York of 739 respondents statewide showed New Yorkers are saddled with high expenses and have little left over, if anything, for savings.
Reclaim New York launched an online Affordability Calculator in March to allow taxpayers to better understand the financial burdens placed on them by New York’s high-tax, high-cost environment.
“We created the calculator to enable people to use their own local data to demand more accountability, reforms and transparency from their elected officials,” stated Brandon Muir, Reclaim New York’s executive director. “The results we’ve seen so far, show that most of our people have very little left for saving for retirement, education and long-term healthcare.”
The Reclaim New York Survey Showed:
- On average, users spent 79 cents on every dollar they earn on taxes and mandatory expenses.
- 15 percent of users are in the red. They have nothing left after paying taxes and their basic expenses.
- 26 percent had 10 percent left for savings, retirement planning, education and healthcare.
- 34 percent could not reach more than 15 percent savings.
- Homeowners fare better than renters: The average homeowner has less than 25 percent of their income left for savings and planning for their future.
- Renters spend an average of 24 percent of income on housing. 27 percent are rent-burdened (spending more than 30 percent of income on rent).
- Average renter only has 17 percent of their yearly earnings left after basic monthly expenses.
The average renter’s income is $60,323, and their average rent is $1,150. The average homeowner makes $113,167, and their average home price is $203,748.
Reclaim New York is a non-partisan, non-profit organization dedicated to advancing a state-wide, grassroots conversation about the future of New York, its economy, and its people.
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