A new study has revealed that New York state’s millionaire population has significantly declined, costing the state billions in tax revenue and raising concerns that its tax policies are shrinking the state’s tax base.
| PULSE POINTS |
❓ WHAT HAPPENED: A new study has revealed that New York has experienced the largest exodus of millionaires out of any U.S. state, costing it almost $11 billion in tax revenue. 📺 DETAIL: According to a new report from the Citizen Budget Commission, a non-profit public spending watchdog, New York’s share of the nation’s millionaires declined from 12.7 percent in 2010 to 8.7 percent in 2022. This decrease has resulted in a loss of nearly $11 billion in tax revenue for the state. The report was released on Monday. This follows far-left socialist Mayor of New York City, Zohran Mamdani (D), putting pressure on Governor of New York Kathy Hochul (D) to raise taxes on wealthier residents. Governor Hochul has since implemented a pied-à-terre tax on high-value, non-primary residences. The report emphasized New York’s declining share of millionaires has cost the state $10.7 billion in lost tax revenue in 2022. 💬 KEY QUOTE: “New York’s declining share of high-income taxpayers has meaningful consequences. 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,” read the Citizen Budget Commission’s report. 🎯 IMPACT: The exodus of high-income earners from New York raises concerns about the sustainability of the state’s tax base. This feeds into the broader problem for Democrat-controlled New York, with tensions emerging between the state government and the municipal government of NYC. 📺 FLASHBACK: This echoes findings in another Citizens’ Budget Commission study published in April. That study revealed that NYC lost 114,000 more residents than it gained in 2025, furthering a trend of population decline caused by people abandoning NYC for more affordable cities. Across all income levels, more people moved out of New York City than moved in last year,” read the Citizens’ Budget Commission’s report. Affordability continues to be a major problem in NYC, despite Mayor Mamdani’s policies. Earlier this week, it was reported that rental costs in the city have reached an all-time high. |
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