Does your state pay more in fed taxes than it gets back?

msf

The answer is "no". At least in 2020, with reduced income and economic impact checks coming from the Treasury due to the pandemic, every state was a "winner". That doesn't mean states fared equally well, nor is this a situation that will persist.

For the 2020 federal fiscal year, all 50 states came out ahead. That included New York, which got a return of $1.59 for every tax dollar sent to Washington, a dramatic increase from the 91 cents it received in 2019...

Every state – and particularly hard-hit New York – received large sums of COVID-era relief at the height of the pandemic, buoyed by programs like the Payroll Protection Program for businesses and nonprofits. States also received a boost in unemployment benefits for out-of-work Americans. The extra federal funds contributed to a projected $5 billion surplus in New York’s budget this year.

It was a period that saw Congress and then-President Donald J. Trump pass the CARES Act, a $2.2 trillion package that authorized $1,200 direct stimulus payments to most Americans. ...

While New York netted $7,236 per resident on a per-capita basis, 39 states fared better. New Mexico ranked best at $16,999; New Jersey ranked last at $4,454.

... While various COVID relief programs have continued into 2021 and 2022 – helping bolster the state government’s financial footing – they will ultimately run out and return New York to its status as a “donor state.”

https://gothamist.com/news/new-york-is-no-longer-a-donor-state-at-least-for-now

Mark

The comments at the end of the article are just the best!