(The Center Square) – A year ago, when Truth in Accounting published its annual Financial State of the States report, it noted that New York entered the COVID-19 pandemic in “poor fiscal health.”
“And it will probably come out of the crisis even worse,” the think tank added.
Fast forward to this year, and while the pandemic still lingers, Truth in Accounting’s latest report, released Tuesday, showed its prediction was correct.
In its 12th annual edition of the report, the think tank that focuses on public finances gave one of its 10 failing grades to New York as it found the state had a tax burden of $132.7 billion, or $20,100 per taxpayer.
Any state with a burden exceeding $20,000 gets an “F.” While New York also ranked 41st in the country in last year’s State of the State, it received a “D” because its taxpayer burden