Final answer:
Income in New York comes from labor in the form of wages and salaries as well as from the ownership of assets such as real estate and investments.
Step-by-step explanation:
In New York, as in the rest of the United States, income primarily comes from labor, which includes wages, salaries, commissions, tips, and other forms of labor income. Individuals earn based on the number of hours they work and the wage rate. Beyond labor, income is also generated through ownership of assets such as real estate and financial instruments like stocks and bonds. Rent from real estate and earnings from investments like interest and dividends are other significant sources of income.
At the governmental level, several forms of tax revenue contribute to New York's income. The state and local governments collect taxes from various sources, with sales taxes, property taxes, and income taxes being primary contributors.
Additionally, state and local governments also receive funds from the federal government. Revenue is also generated through various fees and charges for services rendered by state and local institutions.