A Decade of Taxation in New York: Trends and Sustainability Impacts

Abstract

This research paper explores the comprehensive study of taxation trends in the state of New York from 2014 to 2023. And their effect on sustainability. This study mainly focuses on understanding the relationship between New York taxes and the state’s economic performances, Taxes are very important for the nation its imposed by the government and it’s levied on the individuals and the business. Each and every state had its own tax and their own tax mechanism that influences the economic and environmental policies. New York in the U.S is one of the economically significant states, it has a complex tax structure comprising individual income tax, tobacco tax, and alcoholic tax. These taxes not only generate revenue its also impacts the environmental sustainability. This research paper mainly highlights the past decades the taxes that impacts on New York’s economy and Sustainability efforts. This study runs the Multiple linear Regression (MLR) analysis by using JMP Software to assess the dependent and independent variables. The analysis shows the positive correlation between the variables and also indicates the strategic tax policies can contribute to long-term economic growth. Even the findings of the research suggests that New York’s policies positively contribute the economic stability and sustainability. However, the study also highlights the need for continuous monitoring and tax reforms. In conclusion the paper demonstrates the importance of taxation in driving sustainability. By adopting taxation trends with GDP growth in the New York the tax policies also achieve sustainable development goals . The study provides the valuable insights for the policymakers in preparing tax strategies that balance revenue as well as environmental sustainability.