ProgressCNY A Mid-Year Report
2015
An Eagle Newspapers publication.
July 22, 2015
Stories from the businesses, industries and issues that impact the Central New York economy
Breakdown of a BUCK When payday rolls around, you’re probably feeling pretty happy about the dollars in your pocket. But come tax season, where do they all go? How much of your income really goes toward taxes? Using data from the U.S. Census and Onondaga County Real Property Tax Services, we broke down the tax bill of a typical family in Central New York. The median household size in Onondaga County is 2.43 people, so our hypothetical family consists of two adults and a child. Their annual income before taxes is $54,242, and we found that 51 percent of their pay goes to taxes: federal and state income taxes, payroll taxes, local and school taxes, and more.
etc.
— “Taxman,” The Beatles (1966)
20% 9% local
If you drive a car, I’ll tax the street If you try to sit, I’ll tax your seat If you get too cold, I’ll tax the heat If you take a walk, I’ll tax your feet
Payroll
By Ashley M. Casey
36% 35%
Income
More than half of CNY income goes to taxes
Infographic by Ashley M. Casey
Your tax dollar: Where does it go?
The average Central New York family spends 51 percent of its annual income on taxes. The median household income in Onondaga County is $54,242, and $27,744 of that goes toward taxes. Here’s where half your money goes each year:
Income tax Federal and state income taxes make up 36.26 percent of the typical CNY tax bill. The average CNY family
Grandfather, grandson have a ‘Great Race’ on Route 66 John Hudson and his grandson Scott recently competed in “The Great Race.” ... see story, page 3 ABOVE: The Hudsons with their awards. BELOW: The car they drove.
paid $2,835 to New York state and $7,226 to the federal government. Income tax accounts for more than 18 percent of the household’s income. See taxes, page 7
Industrial hemp in New York state? Efforts underway to legalize, capitalize on this burgeoning cash crop By Isabelle Hoagland and Jason Emerson
photo courtesy of cathy hudson
Industrial Hemp and marijuana are not the same thing. One gets you high, while the other is used to make countless commercial products. The differences between the two are not well understood by most people. More than a dozen states in America allow the growing of industrial hemp, and New York just joined the ranks for test piloting programs – but this is a long way from making the crop used and profitable. After being prohibited in the United States for more than 50 years, the federal Industrial Hemp Farming Act aims to amend the Controlled Substances Act to exclude industrial hemp from the definition of marijuana and would allow American farmers in any state to grow the crop. See hemp, page 2