Chairman Kassar’s Weekly Wrap-Up 4/12/24

Tax Freedom Day

Although most Americans look at April 15th as Tax Freedom Day, it is actually much later than that. True liberation from tax burdens isn’t realized until approximately the beginning of May, and in NYC it is unspecified, but can be even longer. Tax Freedom Day can be defined as the day an average American has theoretically earned enough money to pay off his or her total tax obligations for the year. This includes various taxes such as personal income tax, sales tax, property taxes, state/federal, and more. The calculation used to determine this date assumes that everyone in the nation works for eight hours a day beginning January 1st, and that every dollar earned is not spent. 

The venerable Tax Foundation, founded as a not-for-profit in 1937, has for years published a chart approximating the date each state’s residents could enjoy this special date, has estimated that in New York State it is the first week of May. Interestingly, surrounding states of New Jersey, Vermont, Connecticut, Massachusetts as well as California have similar dates. Places like Texas, New Hampshire, South Carolina, among others have a noticeably earlier Tax Freedom Day. Florida is sooner than New York which is one of the latest, Florida being more to the middle of the pack. 

Nevertheless, the enduring trend persists, with New York consistently ranking among the states burdened by high taxes, echoing similar challenges faced by other predominantly blue states, while their red counterparts fare better. Every dollar New Yorkers earn goes to paying taxes in a state that essentially lights it on fire. 

The question of what taxpayers receive in exchange for their contributions warrants examination. Unfortunately, the returns seem non-existent in comparison to the financial demands imposed. Issues such as congestion pricing and tolls, porous borders, budget mismanagement, escalating crime rates, and a notable exodus from the state paint a bleak picture of the taxpayer experience. 

Regrettably, the only foreseeable prospect within the New York State governance framework appears to be the perpetuation of higher tax obligations without evident or increased benefits. This cycle offers little incentive for optimism or anticipation for the average New Yorker, as it seemingly leads only to further fiscal strain without tangible improvements in public services or quality of life. Unless you are an illegal immigrant of course, then New York tax dollars are used for paying for 5 Star Hotels, meals, education, healthcare, credit cards and much more while we have homeless Americans and struggling veterans across the State. One-party Democratic rule is the reason New York was just ranked the worst state for economic outlook for the 11th year in a row! Eleven years ranking dead last is an absolute embarrassment, and yet Democrats remain committed to their policies. One would define that as insanity.  

According to the Tax Foundation’s website, their mission is “to improve lives through tax policies that lead to greater economic growth and opportunity.” For over 80 years their mission statement has been the same. Yet can you think of any tax policies that have abided by this mission statement? The simple answer is no, and we don’t expect them to start anytime soon. New Yorkers, and the Country as a whole, are fed up; this November, the common sense majority will prevail at the voting booth. 


New York is drifting between having a bad late budget and a very bad late budget with this week’s new state budget extenders. The longer the process goes, the more progressives will add to the already extraordinarily high price tag of running this state under one-party Democrat rule. The size and scope of the eventual budget will be on a historic scale, and never in a good way. You can read our full press release on the matter here: