New York’s Wealthy Are Leaving The State In Droves
A large number of wealthy Americans fled New York in the early days of the COVID-19 pandemic, departing the state with the highest tax burden in the nation.
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According to the Daily Mail, “The number of those earning more than $25 million that fled the state in 2021 is 1,453, just 520 less than the amount that left at the height of lockdowns and intense social distancing.”
The top 1% of earners in New York account for nearly half of the state’s income tax revenue.
However, more than 8% of the Empire State’s wealthy, making $25 million yearly, left in 2021.
The state’s wealthy residents are leaving for lower-tax destinations like Florida, Tennessee, and Texas.
In 2020, Carl Icahn, 87, a billionaire investor who built a business empire in New York City, moved to Florida due to taxation reasons.
Billionaire investor Stephen Ross, 82, moved his business to Florida, citing “tax issues.”
“People are looking from the Northeast and relocating for jobs — not retirement — and companies are looking” for offices, Ross said. “It’s tax issues, and there’s the security issues.”
“There’s just the ease of living,” he added.
In August 2020, former New York Gov. Andrew Cuomo (D) increased the tax rate from 8% to 9%, making the state the highest-taxed state in the U.S.
Consequently, Manhattan lost over 2,000 millionaire residents who left for the suburbs or moved out of the state.
In 2022, crime in Manhattan increased by 23%. Grand larceny and thefts of more than $1000 also spiked by more than 60%.
Similarly, over 300,000 people left California in 2022, and Illinois saw more than 140,000 go elsewhere, while Florida and Texas saw large gains in population.
Californians’ earnings are taxed at 13.3%.
In 2020, Florida added 32,019 tax filers who reported at least $200,000 in income, Smart Asset reported. Texas also reported a net gain of more than 5,000 high-income tax filers.
The typical home value in Texas is $200,000, according to Zillow. New York City, however, has an average home value of $780,000.
The populations of New York and California have substantially declined since the start of the COVID-19 pandemic. High taxes, crime, and unemployment paved the way for their decline.
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