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Username: Dreadnought
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Latest Posts by Dreadnought:
New York has spent years aggressively taxing its wealthiest residents in the name of fairness, and the results are now in. Suffice it to say, they’re not pretty.
A new study released Monday by the Citizen Budget Commission (CBC) reveals the state’s share of America’s millionaires has dropped sharply since 2010, triggering a nearly $11 billion shortfall in tax revenue in a single year as high earners quietly packed up and left for lower-tax states.
The analysis shows New York’s share of millionaires fell from 12.7% in 2010 to just 8.7% in 2022 — the steepest decline of any state in the country.
As a direct result,