Does New York City have a capital gains tax?

Question

I moved from Dallas (no income taxes of any form city/state) to Upper East Side and I am reading up on taxes here. I knew they were high but I am stunned to see that New York state taxes capital gains at a cool 6.85% and even more amazing New York City seems to do the same at something like 3.6% from what I gather, I would be amazed if NYC was doing this does anyone know?

Answer 1

Actually, New York State and City have a personal income tax on all income, including capital gains.  This means that unlike the federal tax system, all income is taxed at the same rate.  Most states that have state income taxes follow this practice.

Answer 2

A year ago, when a 10 percent capital-gains tax on New York City real-estate transactions was in effect, the board appealed to the Koch administration, arguing that such a tax was an unnecessarily complicated way to raise revenue from the real-estate sector and proposing instead a higher mortgage and property-transfer tax. That tax was repealed and the higher transfer tax adopted, but then, with the election of Mario M. Cuomo as Governor, the capital-gains tax was readopted for the entire state.

See "Easing the Pain of Capital-Gains Tax" by Dee Wedemeyer, The New York Times, July 18th, 2008 at:

http://query.nytimes.com/gst/fullpage.ht...