New York is the number one collector of state and local tax (SALT) collections, according to a new report from the Tax Foundation.
In the Fiscal Year (FY) 2021, New York State collected $10,266 per person, in SALT taxes, second only to the District of Columbia which collected $13,278 per person. Connecticut, California, New Jersey, and Massachusetts followed New York in the highest SALT collections. Conversely, Alaska, Alabama, Tennessee, Florida, and Mississippi led the way in the lowest SALT collections.
"The rate of revenue growth witnessed in FY 2021 was never going to be sustainable, but most states remain substantially better off than they were pre-pandemic, even after adopting tax relief, with every expectation that the new baseline is far higher than it was before," the report states. "Revenues are high enough, in some states, that the tax-cutting trends of 2021-2023 are likely to continue into 2024."