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The Heavy Tax Burden of Living in New York City: A Deep Dive

The Mountain of Taxes in New York City

Living in New York City means navigating what might be the highest tax burden in the United States. From sales to income, property, and even everyday services, residents are hit with a seemingly endless stream of taxes that chip away at their earnings and assets.

The city’s sales tax alone is approximately 9%, but that’s just the beginning. City residents also pay local income taxes, which are layered on top of state taxes. Commuters face an additional commuter tax if they drive in and out of the city. These levies are compounded by taxes on nearly everything — from real estate transfers and commercial rentals to prepared foods, beverages, parking, and storage.