New York residents pay the second highest tax burden in the nation, with state and local taxes over 40% higher than Pennsylvania and over 75% higher than North Carolina. Local property taxes are especially burdensome, fueling the highest per-pupil K-12 education costs in the US. Governor-elect Cuomo has proposed capping state spending growth at 2% annually, imposing a property tax cap, and freezing all other taxes to relieve New York taxpayers and get state finances under control. Without comprehensive tax and spending reforms, high taxes and out-of-control spending will continue to burden New York residents.