The Big Apple's Big Tax Take: How Many New Yorkers Actually Cough Up?
Ah, New York City. The city that never sleeps...or stops reminding you it needs your tax dollars. But hey, for that fancy slice of pizza at 3 am and the privilege of dodging rogue pigeons, someone's gotta foot the bill, right? So, how many poor souls are actually handing over their hard-earned cash to Uncle Sam (or, well, Uncle NYC)? Buckle up, because this tax adventure is about to get interesting.
The Numbers Game: More Filers Than Friends on Facebook (Probably)
The latest intel from the Independent Budget Office (fancy way of saying the city's accounting department) suggests that in the wild year of 2020, over 4.1 million tax returns were filed by full-time New Yorkers. That's a bigger crowd than a Yankee game on a hot dog day! But wait, there's more! The number of actual taxpayers (the folks who actually owed something) grew even faster at a whopping 6.6%. Looks like those New Year's resolutions to finally get a real job paid off for some!
Where'd All the High Earners Go?
Now, here's the juicy gossip. The pandemic, in all its glory, seems to have scared away some of the city's big spenders (and, consequently, big tax contributors). The number of residents with income over $75,000 filing taxes dipped by 3.3%. Maybe they all decided Florida beaches and lower tax rates were a better fit for their work-from-home lifestyle? We wouldn't blame them.
But Fear Not, the Little Guys Got Your Back (Kind Of)
Don't worry, the city didn't lose out completely. The number of taxpayers with incomes below $75,000 actually boomed, with a 5.2% increase in filers and a crazy 11.5% jump in actual taxpayers. Seems like even during a pandemic, New York's hustle never sleeps!
The Bottom Line: A City That Taxes Like It Means It
So, how many New Yorkers pay taxes? A whole heck of a lot. Over 4 million tax returns were filed, and even with some high earners skipping town, the tax base seems to be holding steady. Lesson learned? New York City might take a big bite out of your paycheck, but hey, at least you're not the only one feeling the pinch!
