It may not surprise anyone that a high-tax city like New York would have its own income tax, but the Big Apple is far from alone.Īlthough the majority of U.S. But there is an extra step to this process in the city that never sleeps: New York City levies its own income tax on top of the state and federal systems. Ideally, they should be administered at the state level to reduce both compliance and administrative costs.Īs is the case anywhere in America, a new employee in New York City will need to fill out a tax withholding form before receiving his first paycheck. To the extent that localities choose to impose local income taxes, they should be imposed at low rates, with uniform definitions and sourcing rules across the state.
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