The 'New Geography' news announced the new current event on September 27th, 2016, about the economic issues in upstate New York. New York state is economically polarized; New York City is a dynamic universal metropolis while the Upstate is demographically and economically stagnant. The population growth has increased in New York City, while the upstate's population has flatlined for years. The state's demographics would compare poorly to those of its neighbor states if upstate New York becomes a state. Upstate New York receives substantial tax revenues coming from New York City to maintain its economy. In 2010, New York City contributed 48.7% of the state’s tax revenues. The downstate suburbs added 23.6%, leaving a modest 27.7% coming from the rest of Upstate, according to a 2011 Rockefeller Institute study. Upstate New York has become low self-sufficient regarding tax expenditures vs. tax receipts and has received funds from the metro area. …show more content…
People are becoming aware of the financial discrepancy between upstate New York and New York City. Today, the state cuts taxes across the board and letting the market operate; the state has opted to launch some targeted public and public/private initiatives to reenergize the economy Upstate. New York State will do better by making itself more tax-friendly to businesses and
Throughout the entire existence of any form of government, there has always been taxes. Most of the time (if not all), people hate taxes. With this being said, the United States has adopted a progressive tax since its very existence. We believe that if our nation is placed under a flat tax system, our economy will operate more effectively. If we incorporate a flat tax system we will be able to ensure fairness among all citizens, eliminate tax loopholes, and allow opportunities for business expansion. With this being said, we will be examining the strengths and weaknesses about the flat tax system and how it has been used into practice.
annual income, and the state of New York alone lost half of its income (Bryson 162). These
The Passaic and Hudson rivers are easily the top two environmental problems in New Jersey. Both have shared similar fates, being decimated by the industrial revolution, by factories dumping garbage, medical waste, even war materials during Vietnam. The pharmaceutical industry (huge in NJ). Another issue would be the huge tourist industry surrounding the New Jersey beaches. There is hardly any wildlife left down there because it’s all been urbanized and developed.
In states without state income tax, higher sales, property and other assorted taxes can exceed the annual cost of a state income tax. Texas is one of seven states that do not levy an individual income tax. The Tax Foundation, a conservative-leaning research group, ranks Texas ninth-best on its State Business Tax Climate Index, largely because of the state’s lack of an income tax. On three of the foundation’s other major rankings — property taxes, sales taxes and corporate taxes — Texas ranks in the bottom 20 states. Texas does not have a statewide property tax, but local property taxes remain a crucial complaint among businesses and homeowners. (Terrence, 2002) The main benefit is that states with no income tax become a beacon for growth. They 're better at creating jobs and keeping a core of young, educated workers from moving to other states. The issue is undoubtedly controversial. Public opinion usually swings with the size of one 's paycheck and the role people think governments should play in shaping society. Texas has an above-average sales taxes, and Texas also has higher-than-average effective property tax rates. Cutting the income tax will boost take-home pay for everyone. It 'll make the state more attractive than its neighbors, creating jobs, drawing new businesses, and sparking an influx of talented workers.
However, raising taxes on the rich and corporations is not as helpful to our economy as most people think. Although raising taxes on the top percent of people and companies appears to create more income for the government, the result will make it harder for middle class and lower class citizens to grow. Some argue that by combining several key changes, including the simplification of the tax code to avoid loopholes and the decrease of taxes on the rich and corporations, there will be an improvement in the national economy. Although this may seem a bit counterintuitive, it makes more sense when looked at closely. By lower taxes and remove all loopholes, smaller businesses are given further opportunities to grow instead of facing financial roadblocks and government
Our governor along with many other people in our state, recognize that our tax system is biased, unethical, and needs reform. Governor
The city of Long Beach has an abundance of culture, resources, diversity and means. This reflection is what attracts many people to visit downtown, attend school and other surrounding vicinities. At the close of Fiscal Year 2015, “the City’s assets increased $118.9 million, or 3.5 percent from the prior fiscal year. Citywide, assets increased $282.3 million or 5.0 percent” (Finance, 2016). The report also states, “sales tax revenues increased 8.6 percent or $5.1 million. Other taxes, inclusive of transient occupancy and business taxes increased 937 percent or $4.0 million (Finance, 2016). Residents and visitors vast amount of travel and contributions to the city, allows those funds to be allocated to other public services in the community.
This demonstrates Murphy’s initiative in fixing the economy through various beneficial solutions. Doing so he will be helping the people of New Jersey by lowering property taxes which individuals can finally be relieved to hear. Murphy also wants to be more strict with spending on transit to ensure that the roads and bridges are functional rather than crowded with tolls. Personally, I think this is very efficient because these two factors make New Jersey very expensive to live in lowering and being more strict will slowly bring back a better economy. Murphy wants to grow the economy so that it makes it fairer for the New Jersey residents due to the state being ranked last or near last in growth and inequalities. He states, “We need an economy that works for all New Jerseyans not just the special interests, I flat out reject the ‘us versus them’ approach to our economy, it is time we get back to thinking about ‘we’” (Phil Murphy). Murphy wants to achieve this by raising the wage to $15 an hour, ensure equal pay for equal work, and make millionaires and corporations pay their fair share of taxes. If this is successfull than the economic standing that New Jersey holds will soon rise from the bottom to the top. At the
The panel discussed the New York statute as it compares to New Jersey’s: Under New York State law, there is allowance for the
According to Singers(August 24,2017), ITEP’S (July, 2017), (July, 2017),(August 2011), and(December 2011), higher sales and gas tax in Connecticut have consequences and a solution proposed to reduce tax burden on low income family. Based on the readings and my understanding of this topic, I conclude that increasing sales and gas taxes in Connecticut to fix a budget crisis will be financially harmful to low income families and needs to be address with the new policy. Singer(August 24,2017), pointed out that, Connecticut legislators are deciding to increase the sales tax from its current level to 6.85 percent to fix a budget deficit, estimated to reach $3.5 billion in two years and improve state aid to towns. Based on Tax Foundation studies,
New Jersey like many other states relies on a tax system to provide many different services to its citizens including schools, roads, public health, and safety. Correspondingly, it has to raise the money required to
What if a tax increase came to a city because of a sports team, would it be alright? Of course not, right? Well, consider being told as a tax payer and being told it will help the economy of city to build a stadium. However, a tax increase is never highly looked upon, and large companies sell extraordinary economic growth, and cannot produce the promise.
New York City is made up of five boroughs, which include the Bronx, Brooklyn, Manhattan, Queens, and Staten Island. Within these boroughs, there are high and low-income neighborhoods that contain either high or low status organizational structures or facilities. Each division has their own characteristics and top attractions, such as the Empire State building, Central Park, or Times Square. As New York City may be known for great food and fun attractions, New York faces infrastructure problems within each borough. New York City’s infrastructure funding is limited in lower income neighborhoods, where money needed to upkeep the city goes toward prime tourist’s areas or residents living in high status neighborhoods, such as The Upper East Side of Manhattan, Cobble Hill, Brooklyn, and Lenox Hill, Manhattan. Moreover, abandoned buildings, poor sewage conditions, and rocky roads and streets are examples of low-income area infrastructure problems that may hinder neighborhood growth both structurally and economically. Harlem, East Brooklyn, and South Bronx are low-income parts of New York that lack new and refined facilities, roads, plumbing, and fundamental structures, which contribute to high crime and arrests.
Revenue that comes from state income tax is said to be progressive, that is because state taxes fall differently on different taxpayers depending on the taxpayer’s income level. Typically, the percentage of income tax paid rises as the taxpayer’s income does, thus the reason they are progressive. The opposite is true for sales tax revenue. These taxes are regressive because regardless the taxpayer’s income, tax rates remain constant. This is sometimes a disadvantage for poorer taxpayers because they have to spend more of their income on what they need (Sims, 2004). The allocation of these funds for elementary and
Inequality and unemployment are among some of the worst issues affecting the Buffalo-Niagara region. The average unemployment rate across the United States is 4.3% and in Buffalo it is way above that at 7.2%. Not only does Buffalo have a higher unemployment rate the racial and gender disparities in income are significant. Black and Latino full-time workers earn one-quarter to one-third less than White and Asian full-time workers. Another significant fact is that the top 9% in the Buffalo region holds 38% of the total income. These factors influence and increase the gap between the segregated areas in Buffalo when it comes to low-income, poverty, and discrimination. The parts of Buffalo that are known to have the greatest poverty and unemployment rates are the ones with people who have less access to education and jobs and are predominantly made up of colored people. Education is one of the main reasons why the people in these communities are having trouble acquiring jobs. Erie County legislator Peter Savage has said, “and I think standing here, outside of a library in North Buffalo, is a perfect example of the opportunities that education and training can provide in terms of providing future job employment opportunities” (WGRZ). These communities need access to resources that will help them be successful in getting a job and providing for their families.