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New York City Taxation

In: Business and Management

Submitted By kattysnow
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New York is the most populous city in the United States (1), and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world (2). New York City is home to more than 8.3 million people. It is the largest city in the U.S., more than twice the size of Los Angeles, the second-largest city in the nation, and close to three times the size of Chicago, the third most populous. If New York City were a state, it would rank as the 12th largest in the U.S. with respect to population size. This would place it behind New Jersey with its 8.7 million residents and ahead of Virginia with its 7.9 million residents (3).
The economy of New York City is the biggest regional economy in the United States and the second largest city economy in the world after Tokyo(4). Anchored by Wall Street, in Lower Manhattan, New York City is one of the world's two premier financial centers, alongside London(5) and is home to the New York Stock Exchange and NASDAQ, the world's largest stock exchanges by market capitalization and trading activity. New York is distinctive for its high concentrations of advanced service sector firms in fields such as law, accountancy, banking and management consultancy (6).
The financial, insurance, health care, and real estate industries form the basis of New York's economy. The city is also the most important center for mass media, journalism and publishing in the United States, and is the preeminent arts center in the country. Creative industries such as new media, advertising, fashion, design and architecture account for a growing share of employment, with New York City possessing a strong competitive advantage in these industries (7). Manufacturing, although declining, remains consequential.

Economy
New York is a global hub of international business and commerce and is one of three "command centers" for the world economy (along with London and Tokyo)(8). The city is a major center for banking and finance, retailing, world trade, transportation, tourism, real estate, new media as well as traditional media, advertising, legal services, accountancy, insurance, theater, fashion, and the arts in the United States.
The New York metropolitan area had approximately gross metropolitan product of $1.28 trillion in 2010(9), making it the largest regional economy in the United States and, according to IT Week, the second largest city economy in the world (10). According to Cinch Dias, New York controlled 40% of the world's finances by the end of 2008, making it the largest financial center in the world (11). New York City has been ranked first among 120 cities across the globe in attracting capital, businesses, and tourists (12).
Many major corporations are headquartered in New York City, including 45 Fortune 500 companies (13). New York is also unique among American cities for its large number of foreign corporations. One out of ten private sector jobs in the city is with a foreign company (14). Manhattan had 353.7 million square feet (32,860,000 m²) of office space in 2001(15). Midtown Manhattan is the largest central business district in the United States. Lower Manhattan is the third largest central business district in the United States and is home to The New York Stock Exchange, located on Wall Street, and the NASDAQ, representing the world's first and second largest stock exchanges, respectively, when measured by average daily trading volume and overall market capitalization(16). Financial services account for more than 35% of the city's employment income (17).
Real estate is a major force in the city's economy, as the total value of all New York City property was $802.4 billion in 2006(18). The Time Warner Center is the property with the highest-listed market value in the city, at $1.1 billion in 2006(19). New York City is home to some of the nation's—and the world's—most valuable real estate. 450 Park Avenue was sold on July 2, 2007 for $510 million, about $1,589 per square foot ($17,104/m²), breaking the barely month-old record for an American office building of $1,476 per square foot ($15,887/m²) set in the June 2007 sale of 660 Madison Avenue (20).
The city's television and film industry is the second largest in the country after Hollywood(21). Creative industries such as new media, advertising, fashion, design and architecture account for a growing share of employment, with New York City possessing a strong competitive advantage in these industries (22).
High-tech industries like biotechnology, software development, game design, and Internet services are also growing, bolstered by the city's position at the terminus of several transatlantic fibers optic trunk lines(23). Other important sectors include medical research and technology, non-profit institutions, and universities. Manufacturing accounts for a large but declining share of employment. Garments, chemicals, metal products, processed foods, and furniture are some of the principal products (24). The food-processing industry is the most stable major manufacturing sector in the city (25). Food making is a $5 billion industry that employs more than 19,000 residents. Chocolate is New York City's leading specialty-food export, with $234 million worth of exports each year (25).

Tax and Other New York Revenue Sources
New York City generates revenues from four major taxes: property, personal income, general sales, and general corporation. The city’s reliance on these taxes has increased over the past three decades: the taxes’ share of general expenditures rose from about 40 percent in 1970 to a little more than 50 percent in 1999. Smaller taxes, fees and grants-in-aid finance most of the remainder. The decline in tax revenues that accompanied the city’s recent downturn reduced the 50 percent figure to slightly less than 45 percent of general expenditures in 2002(26).
The composition of the city’s four-tax major revenue sources has changed markedly over the period. In 1970, personal income and general corporation tax revenues made up about 15 percent of the four-tax total (and 6 percent of general expenditures). The combined share of these two taxes peaked at about 40 percent of the four-tax total in the late 1990s, reflecting the city’s trend toward income taxation. In fiscal year 2002, that share dropped—from 39.3 percent to 33.7 percent—as a result of personal and corporate income tax sensitivity to prevailing economic conditions.
When the U.S. recession began in February 2001, city revenues derived from personal income and general corporation taxation fell quickly and dramatically. Real revenues from the personal income tax declined 19 percent between fiscal years 2000 and 2002 and general corporation revenues plunged 23 percent. However, property tax revenues continued to grow, rising by 6 percent over the two years, enough to offset a relatively small 9 percent decline in general sales tax revenues. In fiscal years 2002 and 2003, the city generated additional cash by relying largely on asset sales, budget cuts, and increases in the property, general sales, and personal income taxes; it also borrowed in fiscal year 2003 from the Transitional Finance Authority.
New York City’s budgets are influenced to a large extent by the Financial Emergency Act’s requirement that the city comply with generally accepted accounting principles. Under the act, the city is prohibited from running budget deficits—a projected deficit greater than $100 million triggers a takeover of New York City finances by the Financial Control Board. The city is also limited in its ability to hold cash reserves that arise from unexpectedly strong tax receipts, and thus cannot maintain a “rainy-day” fund of more than $100 million. At best—as it did in the 1990s— the city can use surplus funds to prepay subsidies to non-city agencies, such as the Metropolitan Transportation Authority, and to service its debt. These constraints make it difficult for the city to cushion its budget from the effects of the business cycle.
The task of reducing expenditures in the short term also presents challenges to the city. For example, a large share of city expenses is determined by either contractual obligations or entitlements. Therefore, when the economy turns sour, as it did in 2001-2002, the combination of cyclical revenues, limited cash reserves, and fixed expenditures forces the city to resort to tax rate increases and asset sales to close budget gaps (26).

From the chart, we can see general corporate and personal income rate are stable in the past years. The general sales and property rate are fluctuation, and it seems will decrease in the future. Because of New York City’s general fund expenditures and gross debt increased in previous years, the city faces at a high tax rates (27).

Taxes are the primary source of NYC revenues. Figure 2 shows that in FY 2009, of the $60.6 billion total City revenues, $35.9 billion or 59.1% was attributable to taxes, almost three times the 20% attributable to State aid, the second-largest source of City revenues and almost six times the 10% from Federal aid.
Fees for services, licenses, fines and similar charges, accounted for 7.4% of total City revenues in FY 2009. Generally, fees are equal to the cost of providing a service. To the extent that fees exceed the costs of service provision, they become part of the City’s General Fund.
NYC Revenue Sources, FY 2009

The Real Property Tax is the City’s largest revenue producer, accounting for 40% of total tax revenues and 24% of revenues from all sources in FY 2009. Together with the City’s three other real estate related taxes, more than 45% of tax revenues and 27% of City revenues from all sources were attributable to property owners and renters (see Exhibit 1). The three other real estate related taxes are: the Real Property Transfer Tax (RPTT), the Mortgage Recording Tax (MRT) and the Commercial Rent Tax (CRT).
The second-largest NYC tax source is the Personal Income Tax (PIT). In FY 2009, the PIT yielded $6.5 billion, accounting for 18% of all NYC tax revenues and 10.6% of City revenues from all sources.
The Sales/Use Tax, the third-largest NYC tax source, generated 12.8% of all City tax revenues and 7.6% of City revenues from all sources in FY 2009. The City also levies selective sales taxes, known as excise taxes, on cigarettes, hotels, beer/liquor and certain other items and transactions.
NYC business taxes imposed on general corporations, banking corporations and utilities and its tax on unincorporated businesses together generated 15.7% of all NYC taxes and 9.2% of total City revenues in FY 2009.
Total NYC tax revenues in 2009 were $35.8 billion, a decrease of 7.1% over the $38.6 billion in 2008. These revenues are, however, in current or nominal dollars, which do not take inflation into account. Constant dollar values are adjusted for inflation and show real tax changes over time. For example, as shown in Figure 3, real tax revenues adjusted for inflation began to decline in 2008 rather than in 2009 as indicated by current dollar values. In real terms, FY2009 tax revenues were slightly below FY2005 revenues.
NYC Total Tax Revenues in Current and Constant 2000 Dollars, 2000-2009

It shows how real dollar tax revenues over the last 30 years have generally tracked NYC economic conditions as measured by the NYC Index of Coincident Economic Indicators. * The Federal Reserve Bank of New York.5 It combines individual indicators of economic activity developed the NYC Index of Coincident Economic Indicators, including employment, to measure overall changes in economic conditions in the City. The Index provides a broader measure of economic conditions than does a single indicator such as unemployment or income.
In the 1980s, real growth in tax revenues closely tracked economic conditions in the City. During the 1990s, tax revenues continued to grow with a dip only from 1994 to 1995 – when economic conditions in the City declined.
Tax revenues increased along with the economy until 2002 when they slumped in the wake of September 11th and the national recession. Real tax revenues resumed their positive growth trend in 2003 and continued to increase until 2007. In 2008, real revenues fell by 2% – a year before the City’s economy went into decline – and again in 2009.

Constant 2000 Dollars Total NYC Tax Revenues and Real Economic Growth, 1980-2009

One of the reasons that the relationship between tax revenues and economic change differed in the 2008-09 period as opposed to the early 1990s is the City’s growing reliance on economically sensitive taxes, particularly personal and business income taxes. In 1990, personal and business income tax revenues comprised 26% of the NYC tax base; by 2009 they represented 33%(3).
Conclusion
Tax revenue is the most significant part of New York City. It noted raises revenues in the 2002 and 2008. The personal and business income tax revenues increase is the reason why the city’s revenue increases. Coincidently, financial Crisis happened in the same year as the tax revenue increases. The city raises its tax to deal with the huge city debt. This is one of the reasons why I think New York City didn’t meet its financial needs. The others reasons include economy depression, bankruptcy of bank, and weak develop of manufacturing.
In today’s economy environment, New York City may have already stopped growing. New York City is a well-developed city; the city’s economy structure is stabled, mature and completed. It is hard to the city to find a new stimulate point to help its economy growth. Moreover, the entire world economy situation also restricts the city’s growth. Also, some new rise economic trading centers are challenge the city. However New York City may face many problems, it stills an attractive city. It is a type of place that I would consider living. A lot of work opportunities, high wages, Well-know colleges, and other non-financial factors still make the city attractive.

Reference:

Annual Estimates of the Resident Population for Incorporated Places over 100,000, Ranked by July 1, 2009 Population: April 1, 2000 to July 1, 2009 (SUB-EST2009-01)". U.S. Census Bureau. Retrieved 2011-04-26.

"World's Largest Urban Areas [Ranked by Urban Area Population"]. Rhett Butler. 2003–2006. Retrieved 2011-04-26.

Marilyn Marks Rubin. A Guide to New York City Taxes: History, Issues and Concerns. John Jay College. December 2010. Retrieved From: http://pjsc.magikcms.com/tax guides/CityGuideWeb.pdf

"London ranked as world's six largest economy". ITWeek. Retrieved 2008-08-04.

"The World's Most Expensive Real Estate Markets". CNBC. Retrieved 2010-05-31.

"London and New York in the 21 Century: can London and New York still be the Leading World Cities in 2100?" (PDF). The London New York Dialogue. Retrieved 2008-08-11

Currid, Elizabeth (2006). "New York as a Global Creative Hub: A Competitive Analysis of Four Theories on World Cities". Economic Development Quarterly 20 (4): pp. 330–350. DOI:10.1177/0891242406292708.

Sassen, Saskia (2001). The Global City: New York, London, Tokyo (2nd ed.). Princeton University Press. ISBN 0-691-07063-6.

"Gross Metropolitan Product". Greyhill Advisors. Retrieved 2011-10-06.

"London Ranked as World's Six Largest Economy". ITWeek. Retrieved 2008-08-04.

"London vs. New York, 2005–06" (PDF). Cinco Dias. Retrieved 2008-03-11

Michelle Kaske. "New York City Tops Global Competitiveness, Economist Report Says". March 12, 2012. 2012 BLOOMBERG L.P. ALL RIGHTS RESERVED. Retrieved 2012-03-13.

Fortune 500 web site (cities), retrieved 2011-07-21; Fortune, Vol. 163, no. 7, May 23, 2011, page F-45

Wylde, Kathryn. "Keeping the Economy Growing". January 23, 2006. Gotham Gazette. Retrieved 2008-09-01.

"Four Percent of Manhattan's Total Office Space Was Destroyed in the World Trade Center Attack". Allbusiness. September 25, 2001. Retrieved 2008-08-05.
Claessens, Stjin "Electronic Finance: Reshaping the Financial Landscape Around the World" (PDF). The World Bank. Archived from the original on 2008-08-04. 09,2000.Retrieved 2008-09-01.

Orr, James and Giorgio Topa."Challenges Facing the New York Metropolitan Area Economy" (PDF). Current Issues in Economics and Finance – Second District Highlights. New York Federal Reserve. Retrieved 2008-09-01.

"Tentative Assessment Roll: Fiscal Year 2008" (PDF). New York City Department of Finance. January 15, 2007. Retrieved 2008-09-01.

Quirk, James. "Bergen offices have plenty of space". Archived from the original on 2007-12-22.

"NYC Film Statistics". Mayor's Office of Film, Theatre, and Broadcasting. Archived from the original on 2008-02-14. Retrieved 2008-09-01.

Currid, Elizabeth (2006). "New York as a Global Creative Hub: A Competitive Analysis of Four Theories on World Cities". Economic Development Quarterly 20 (4): 330–350. DOI:10.1177/0891242406292708.

"Telecommunications and Economic Development in New York City: A Plan for Action" (PDF). New York City Economic Development Corporation. March 2005. Archived from the original on 2008-03-07. Retrieved 2006-07-19.

"Protecting and Growing New York City's Industrial Job Base" (PDF). The Mayor's Office for Industrial and Manufacturing Business. January 2005. Retrieved 2008-09-01

"More Than a Link in the Food Chain" (PDF). The Mayor's Office for Industrial and Manufacturing Business. February 2007. Retrieved 2008-09-01.

Jesse Edgerton, Andrew F. Haughwout, Rae Rosen. Revenue Implications of New York City’s Tax System. Federal Reserve Bank of New York. April 2004. http://www.newyorkfed.org/research/current_issues/ci10-4.pdf

Raymond J. Keating. Budget Reforms to Solve New York City’s High-Tax Crisis.

--------------------------------------------
[ 1 ]. 1 Annual Estimates of the Resident Population for Incorporated Places over 100,000, Ranked by July 1, 2009 Population: April 1, 2000 to July 1, 2009 (SUB-EST2009-01)". U.S. Census Bureau. Retrieved 2011-04-26. 2 World's Largest Urban Areas [Ranked by Urban Area Population"]. Rhett Butler. 2003–2006. Retrieved 2011-04-26.
3 Marilyn Marks Rubin. A Guide to New York City Taxes: History, Issues and Concerns. John Jay College. December 2010. Retrieved From: http://pjsc.magikcms.com/tax guides/CityGuideWeb.pdf
4 "London ranked as world's six largest economy". ITWeek. Retrieved 2008-08-04.
5 "The World's Most Expensive Real Estate Markets". CNBC. Retrieved 2010-05-31.
6 The London New York Dialogue (2008-07). "London and New York in the 21 Century: can London and New York still be the Leading World Cities in 2100?" (PDF). Retrieved 2008-08-11
7 Currid, Elizabeth (2006). "New York as a Global Creative Hub: A Competitive Analysis of Four Theories on World Cities". Economic Development Quarterly 20 (4): pp. 330–350. DOI:10.1177/0891242406292708.
8 Sassen, Saskia (2001). The Global City: New York, London, Tokyo (2nd ed.). Princeton University Press. ISBN 0-691-07063-6.
[ 2 ]. 9 "Gross Metropolitan Product". Greyhill Advisors. Retrieved 2011-10-06.
10 "London Ranked as World's Six Largest Economy". ITWeek. Retrieved 2008-08-04. 11 "London vs. New York, 2005–06" (PDF). Cinco Dias. Retrieved 2008-03-11
Michelle Kaske (March 12, 2012). "New York City Tops Global Competitiveness, Economist Report Says". ©2012 BLOOMBERG L.P. ALL RIGHTS RESERVED. Retrieved 2012-03-13.
12 Fortune 500 web site (cities), retrieved 2011-07-21; Fortune, Vol. 163, no. 7 (May 23, 2011), page F-45
13 Fortune 500 web site (cities), retrieved 2011-07-21; Fortune, Vol. 163, no. 7 (May 23, 2011), page F-45
14 Wylde, Kathryn (January 23, 2006). "Keeping the Economy Growing". Gotham Gazette. Retrieved 2008-09-01.
15 "Four Percent of Manhattan's Total Office Space Was Destroyed in the World Trade Center Attack". Allbusiness. September 25, 2001. Retrieved 2008-08-05.
Claessens, Stjin (September 2000). "Electronic Finance: Reshaping the Financial Landscape Around the World" (PDF). The World Bank. Archived from the original on 2008-08-04. Retrieved 2008-09-01.
16 Orr, James and Giorgio Topa (Volume 12, Number 1, January 2006).
17 "Challenges Facing the New York Metropolitan Area Economy" (PDF). Current Issues in Economics and Finance – Second District Highlights. New York Federal Reserve. Retrieved 2008-09-01.
18 "Tentative Assessment Roll: Fiscal Year 2008" (PDF). New York City Department of Finance. January 15, 2007. Retrieved 2008-09-01.
19 Quirk, James. "Bergen offices have plenty of space". Archived from the original on 2007-12-22., The Record (Bergen County), July 5, 2007.
20 Accessed 2007-07-05. "On Monday, a 26-year-old, 33-story office building at 450 Park Ave. sold for a stunning $1,589 per square foot, or about $510 million. The price is believed to be the most ever paid for a U.S. office building on a per-square-foot basis. That broke the previous record—set four weeks earlier—when 660 Madison Ave. sold for $1,476 a square foot."
21 "NYC Film Statistics". Mayor's Office of Film, Theatre, and Broadcasting. Archived from the original on 2008-02-14. Retrieved 2008-09-01.
22 Currid, Elizabeth (2006). "New York as a Global Creative Hub: A Competitive Analysis of Four Theories on World Cities". Economic Development Quarterly 20 (4): 330–350. DOI:10.1177/0891242406292708.
23 "Telecommunications and Economic Development in New York City: A Plan for Action" (PDF). New York City Economic Development Corporation. March 2005. Archived from the original on 2008-03-07. Retrieved 2006-07-19.
24 "Protecting and Growing New York City's Industrial Job Base" (PDF). The Mayor's Office for Industrial and Manufacturing Business. January 2005. Retrieved 2008-09-01

25 "More Than a Link in the Food Chain" (PDF). The Mayor's Office for Industrial and Manufacturing Business. February 2007. Retrieved 2008-09-01.
Note that our analysis excludes the city’s fiscal year 2003 tax increases, which raised personal income, general sales, and property taxes. Our conclusions are unaffected by this exclusion.
[ 4 ]. 26 Revenue Implications of New York City’s Tax System. Jesse Edgerton, Andrew F. Haughwout,. Rae Rosen. Federal Reserve Bank of New York. April 2004. http://www.newyorkfed.org/research/current_issues/ci10-4.pdf
27 Budget Reforms to Solve New York City’s High-Tax Crisis.
Raymond J. Keating

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