TAX RATE STUDY NOT KIND TO NY

Results of a new study just released says New York State has the third-highest marginal tax rates for sole proprietorships and S-Corporations in the nation.
The tax rate for sole proprietorships in New York is 50.2 percent, and the rate for S-Corps is 47.2 percent.
California, at 51.8 percent and 48.8 percent ranks first in both categories. Hawaii, at 50.4 and 47.4, is second, according to the study.
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming, at 42.6 percent, have the lowest rates for sole proprietorships. They also have the lowest rates for S-Corps, at 39.6 percent.
The national average for sole proprietorship tax rates is 47.5 percent. The average for S-Corps is 44.5 percent.

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