{"id":1767173,"date":"2022-12-08T06:30:21","date_gmt":"2022-12-08T11:30:21","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1767173"},"modified":"2022-12-08T07:49:41","modified_gmt":"2022-12-08T12:49:41","slug":"wealthy-new-yorkers-continue-fleeing-city-in-droves-as-high-tax-state-exodus-persists","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wealthy-new-yorkers-continue-fleeing-city-in-droves-as-high-tax-state-exodus-persists\/","title":{"rendered":"Wealthy New Yorkers Continue Fleeing City in Droves as High-tax State Exodus Persists"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwealthy-new-yorkers-continue-fleeing-city-in-droves-as-high-tax-state-exodus-persists%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1767173&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>Check out what&#8217;s clicking on FoxBusiness.com<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>A staggering 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, according to new data. \u00a0<\/p>\n<p>The number of New Yorkers earning between $150,000 and $750,000 fell by about 6% between 2019 and 2020.<\/p>\n<p>The decline is even more stark among higher earners: The number of Individuals earning more than $750,000 plunged by nearly 10% during that same time period, according to <a href=\"https:\/\/ibo.nyc.ny.us\/iboreports\/highlights-from-ibos-updated-tables-on-new-york-city-residents-income-and-income-tax-liability-in-2020-nycbtn-2022.html\" target=\"_blank\" rel=\"nofollow noopener\">income and tax liability data<\/a> released by the city Independent Budget Office this week.\u00a0<\/p>\n<p>The City first reported the news.<\/p>\n<p><a href=\"https:\/\/foxbusiness.com\/money\/irs-says-your-tax-refund-could-be-smaller-2023-heres-why\" target=\"_blank\" rel=\"noopener\"><strong><u>IRS SAYS YOUR TAX REFUND COULD BE SMALLER IN 2023 \u2013 HERE&#8217;S WHY<\/u><\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/05\/931\/523\/City-Market-2.jpg?ve=1&#038;tl=1\" alt=\"New York population New York City\" \/><\/div>\n<div class=\"caption\">\n<p><span>New York&#8217;s Lower Manhattan skyline, including the One World Trade Center, left, is reflected in water on April 6, 2013, as seen from Liberty State Park in Jersey City, N.J.<\/span><span> ((AP Photo\/Mel Evans) \/ AP Newsroom)<\/span><\/p>\n<\/div>\n<\/div>\n<p>New York has been grappling with an exodus of high-income earners since former President Donald Trump\u2019s 2017 tax law placed a $10,000 cap on state and local tax deductions. Many of the wealthy residents \u2014 including <a href=\"https:\/\/foxbusiness.com\/business-leaders\/carl-icahn-latest-to-fuel-wall-streets-new-york-exodus\" target=\"_blank\" rel=\"noopener\">billionaire investor Carl Icahn<\/a> \u2014 are leaving for lower-tax destinations like Florida, Tennessee and Texas.<\/p>\n<p>While it&#8217;s unclear whether the departure of rich individuals in 2020 is directly linked to the high tax burden in New York, the loss of wealthy residents dinged the city&#8217;s income tax collection. In fact, the 41,000 filers in the top 1% pay more than 40% of all income taxes. Another two-thirds is paid by about 450,000 individuals in the top 10%, while the remaining 90% pays the final third.\u00a0<\/p>\n<p>The <a href=\"https:\/\/foxbusiness.com\/category\/irs\" target=\"_blank\" rel=\"noopener\">Internal Revenue Service<\/a> previously reported that about 300,000 of New York City&#8217;s wealthiest residents who left the city in 2020 collectively earned $21 billion in total income in 2021.\u00a0<\/p>\n<p><a href=\"https:\/\/foxbusiness.com\/economy\/irs-warns-americans-threshold-report-venmo-cash-app-payments\" target=\"_blank\" rel=\"noopener\"><strong><u>IRS WARNS AMERICANS ABOUT $600 THRESHOLD TO REPORT VENMO, CASH APP PAYMENTS<\/u><\/strong><\/a><\/p>\n<p>New York has one of the <a href=\"https:\/\/foxbusiness.com\/economy\/high-tax-state-exodus-accelerated-coronavirus-pandemic\" target=\"_blank\" rel=\"noopener\">highest tax burdens<\/a> in the country, according to the Tax Foundation, a nonpartisan group that advocates for lower taxes.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/08\/931\/523\/taxes-1.jpg?ve=1&#038;tl=1\" alt=\"Individual income tax\" \/><\/div>\n<div class=\"caption\">\n<p><span>U.S. Department of the Treasury Internal Revenue Service (IRS) 1040 Individual Income Tax forms for the 2018 tax year are arranged for a photograph in Tiskilwa, Illinois, on March 11, 2019.\u00a0<\/span><span> (Daniel Acker\/Bloomberg via Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n<p>Although the entire U.S. population as a whole grew by 0.1% between July 2020 and July 2021, according to the U.S. Census Bureau, the data underscores major differences in population growth at the state level.\u00a0<\/p>\n<p>For instance, New York saw its population decline by 1.8% between March 2020 and July 2021. But Idaho, with one of the lowest tax rates, actually saw its population size grow by 3.8%, belying the national trend.<\/p>\n<p>In all, the average combined top marginal state and local income tax rate was just 3.5% for the top one-third of states for population growth. For the bottom one-third of states that saw their population decline, including Washington, D.C., the average combined top marginal state and local income tax rate was 7.3%.\u00a0<\/p>\n<p><a href=\"http:\/\/foxbusiness.com\/\"><strong><u>CLICK HERE TO READ MORE ON FOX BUSINESS<\/u><\/strong><\/a><\/p>\n<p>&#8220;The picture painted by this population shift is a clear one of people leaving high-tax, high-cost states for lower-tax, lower-cost alternatives,&#8221; Jared Walczak, a Tax Foundation analyst, said earlier this year. &#8220;The individual income tax is only one component of overall tax burdens, but it is often highly salient, and is illustrative here.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Check out what&#8217;s clicking on FoxBusiness.com A staggering number of wealthy Americans fled New York in the early days of the COVID-19 pandemic, departing the state with<\/p>\n","protected":false},"author":1,"featured_media":1767176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1767173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1767173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1767173"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1767173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1767176"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1767173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1767173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1767173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}