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New York: Tax burden highest, consumer confidence skyrockets

Staff Writer |
Consumer confidence in New York skyrocketed in the first quarter to its highest level in more than 16 years, while Upstate confidence surpassed that in New York City, a new report from Siena College Research Institute shows.

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Overall confidence—which includes current and future confidence—upstate was 96.7 in the first quarter, a more than 10-point jump from 86.5 in the fourth quarter of 2016.

Current confidence jumped to 104.6 from 92.1, while future confidence rose to 91.7 from 83 in the fourth quarter.

Statewide, overall confidence climbed to 94.1 from 88.1 in the fourth quarter. Current confidence was 99.6, up from 92.4 in the fourth quarter, while future confidence rose to 90.5 from 85.4.

Nationally, overall consumer confidence increased to 96.9 in the first quarter from 93.8 in the fourth quarter.

Current confidence was 113.2, up from 107.3 in the fourth quarter, while future confidence was up slightly to 86.5 from 85.2 in the fourth quarter.

New Yorkers have the highest tax burden nationwide, a new report shows.

Ahead of tax day, WalletHub—a social website launched by Evolution Finance that offers financial tools and information for consumers and small business owners—sought to determine which states bear the biggest tax burdens.

Tax burden measures the exact proportion of total personal income that residents pay toward state and local taxes. Tax rates differ from tax burden and vary widely based on an individual’s particular circumstances.

New York ranked first on the list, primarily as a result of its high individual income tax burden and property tax burden.

WalletHub compared property taxes, individual income taxes and sales and excise taxes as a percentage of total personal income in the state. New York’s total tax burden is 12.94 percent.

The property tax burden statewide is 4.55 percent, while the individual income tax burden is 4.76 percent. New York’s total sales and excise tax burden is 3.63 percent of total personal income.

Delaware has the lowest tax burden of the 50 states at 5.59 percent of total personal income.