Tax Rates For Major US Financial Cities?
New York City 2.907%-3.648%
New York 4%-8.82%
(more tax rates at the bottom of the post)
Do you all consider income taxes of different cities when considering living there? I've read before that when city, state, and federal taxes are calculated for a wealthy New Yorker, their tax burden is about on par with London.
Another thing that's important are the taxes that the above list doesn't consider: sales tax, property tax, etc. For example, Texas is known for its considerable property taxes. However, I doubt many people on here (I could be wrong) would want to BUY a house/apartment before 30.
Another thought I had is with Chicago. In 2015 the Illinois state tax went from 5.25% to 3.75% even though it has a massive pension problem and Chicago's GO debt just got downgraded to junk status. Can anyone think of a reason why Chicago can't marginally raise taxes, and perhaps to mimic a NYC city tax to help raise revenue? The only thing I can think of is that the wealthy in New York can afford the taxes, and will pay them because it's New York City. Chicago isn't as wealthy or desirable, maybe causing people to leave.
San Francisco 1.5%
These figures could be outdated or just wrong - I only spent a few minutes gathering them.