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Posted on 07/13/2026 12:55:10 PM PDT by bitt
Lacks the rich.
New York’s share of US millionaires dramatically declined in recent years, causing a nearly $11 billion loss in much-needed tax revenue in just one year, according to a bombshell new analysis.
The study released Monday by the Citizen Budget Commisison showed the Empire State’s share of the nation’s millionaires dipped from 12.7% to 8.7% between 2010 and 2022 – the largest decline of any state.
“New York’s declining share of high-income taxpayers has meaningful consequences,” the analysis states.
“Had New York maintained its share of the nation’s millionaires over the past decade, personal income tax collections would have been substantially higher – roughly $10.7 billion more in tax year 2022.”
The study comes amid fears that Mayor Zohran Mamdani’s push to “tax the rich” will drive even more wealthy out of New York City – and provides an at-times disquieting snapshot of stagnation gripping the Empire State for years before the young socialist took office.
The findings show:
New York has lost more population to every state than it has gained from them, with Florida and Texas among the biggest recipients of former New Yorkers.
After seeing a mass exodus during the coronavirus pandemic, New York City’s population rebound in 2023 and 2024 was driven by international immigrants.
A “growth corridor” from New York City and Long Island to Albany largely drives the state’s economy, with upstate and other rural regions hemorrhaging workers.
The Empire State leads the nation in state and local taxes collected, with per capita collections at $12,495 – or 78% above the US average.
(Excerpt) Read more at nypost.com ...
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No reason exists to live in New York. I am not even interested in visiting.
No reason exists to live in New York. I am not even interested in visiting.
No reason exists to live in New York. I am not even interested in visiting.
No reason exists to live in New York. I am not even interested in visiting.
Hahahahahahahaha!!!!
Sorry for the multiple posts.
“New York’s number of millionaires doubled, but it tripled in California and Texas and quadrupled in Florida, leaving New York State with the fourth-most millionaires behind those states,” the study states.
What is Mamdani’s tax plan when the only people left are the low income and the homeless?
the affordability crisis will only deepen because the people leaving are the ones paying the largest share of a budget that funds the social programs meant to help our most vulnerable,” said Steve Fulop, CEO of the Partnership for New York City.
Like that old song:
“It’s only just begun...”
Gonna finally empty out.
Mooselimbs praying in the streets, Haredim walking in the streets, and ChiCom massage parlors with their Pump&Dump buckets spilling into the streets.
Nobody paying a dime in taxes.
But everything is Commie Free.
Queens was a great place to grow up, when I was young. And Manhattan was an exciting place to attend college and hang out.
“It’s difficult to not be alarmed by this data,” said Justin Wilcox, Executive Director, Upstate United. “With this CBC tool, Upstate New Yorkers can see for themselves the devastating impacts of Albany’s policies — businesses failing to grow, population decline, and the loss of revenue. NYS needs to course correct now before it’s too late and we become permanently entrenched in a cycle of fewer people paying increasingly higher taxes and inflated prices.”
;^)
communists would rather rule a dung heap where everybody is miserable than share in the plentitude (albeit unevenly) of capitalism where even the poorest are better off than anywhere else on Earth.
The Mamdani Effect
H. Ross Perot: “You’re gonna hear a giant sucking sound...”
That time it was American jobs, this time it’s money.
That’s what they want, it makes the cities even bluer, and then when all cities have Socialists as mayors, then the Revolution begins.
That’s a $11,000,000,000 loss in one year.
Imagine what next year’s loss will be.
Time to raise taxes on whoever is left behind.
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