Financial Crisis Looming for NYC as It Teeters on the Edge of Bankruptcy

New York is already in a difficult financial spot, but it would be in an impossible situation if we had any kind of set-back.”Both New York City and New York State are ranked number one in local and state tax burden in the United States. Currently, the top one percent of earners in the city shoulder 50 percent of the tax burden. And property taxes — close to half the city’s revenue — are going up more quickly than any other revenue sources.

Source: Financial Crisis Looming for NYC as It Teeters on the Edge of Bankruptcy

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