{"id":2480451,"date":"2025-08-29T15:23:01","date_gmt":"2025-08-29T19:23:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-york-bleeding-millionaires-to-other-states-report\/"},"modified":"2025-08-29T15:25:35","modified_gmt":"2025-08-29T19:25:35","slug":"new-york-bleeding-millionaires-to-other-states-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-york-bleeding-millionaires-to-other-states-report\/","title":{"rendered":"New York bleeding millionaires to other states: Report"},"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\">16<\/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%2Fnew-york-bleeding-millionaires-to-other-states-report%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=2480451&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--><p>The article reports that New York is experiencing a significant decline in its share of millionaires compared to other states, which is negatively impacting the state&#8217;s tax revenue. According to a nonpartisan analysis by the Citizens Budget Commission, New York&#8217;s proportion of U.S. millionaires-defined as tax filing households with over $1 million in federal adjusted gross income-dropped 31% from 2010 to 2022, falling from 12.7% to 8.6%. Similarly, New York City&#8217;s share decreased from 6.5% to 4.2%. While the absolute number of millionaires in New York rose, other populous states such as Texas, California, and Florida saw their shares triple during the same period.<\/p>\n<p>Millionaires are crucial to New York&#8217;s fiscal health, contributing $34 billion in state and city personal income tax revenue in 2022. The declining share of wealthy residents and taxpayers has resulted in an estimated loss of more than $13 billion in potential additional tax revenue for New York and New York City in 2022 alone. Moreover, IRS data shows that between 2021 and 2022, New York lost over $14.1 billion in state-adjusted gross income as residents relocated to lower-tax states like New Jersey and Florida.<\/p>\n<p>The article notes differing views on the causes of this exodus. democratic Governor Kathy Hochul attributes it mainly to housing shortages and affordability issues, while Republicans argue that New York&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/young-people-should-get-involved-in-politics-cant-wait-in-line-rep-cawthorn\/\" title=\"Young People Should Get Involved in Politics, Can\u2019t \u2018Wait in Line:\u2019 Rep. Cawthorn\">high tax rates<\/a>, heavy regulations, and rising labour costs are the primary drivers. The report authors also highlight that taxes are not the only factor, pointing out that despite California&#8217;s high taxes, its millionaire population has grown, suggesting issues related to quality of life, economic trends, cultural amenities, and cost of living also affect new York&#8217;s ability to retain wealthy individuals. the report emphasizes the critical importance of retaining and growing the millionaire population to support the state&#8217;s economic and fiscal stability. <br \/> <!DOCTYPE html><br \/>\n<?xml encoding=\"utf-8\" ?><html><body><\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">New York bleeding millionaires to other states: Report<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_2215876\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>(The Center Square) &mdash; <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/new-york\/\" target=\"_blank\" rel=\"noreferrer noopener\">New York&rsquo;s<\/a> share of the nation&rsquo;s <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/income-inequality\/\" target=\"_blank\" rel=\"noreferrer noopener\">millionaires<\/a> is declining along with much-needed <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">tax<\/a> revenue for the state, according to a new report from a fiscal watchdog group.<\/p>\n<p>The analysis by the nonpartisan Citizens Budget Commission found that&nbsp;New York&rsquo;s share of the nation&rsquo;s millionaires &mdash; or tax filing households with more than $1 million in <a href=\"https:\/\/amzn.to\/3YuVZYV\" >federal adjusted gross income &#038;mdash<\/a>; plummeted 31% between 2010 and 2022, from 12.7% to 8.6%.&nbsp;Similarly, New York City&rsquo;s share fell from 6.5$ to 4.2% over the same period.<\/p>\n<div class=\"recommended-stories\">\n<h2>Recommended Stories<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/world\/3787494\/un-peacekeepers-lebanon-leave-after-50-years\/\">UN peacekeepers in Lebanon to leave the country after nearly 50 years<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/3787819\/california-supreme-court-rejects-gop-bid-to-stop-redistricting\/\">California Supreme Court rejects GOP bid to stop redistricting<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/3787725\/oklahoma-state-representative-guilty-domestic-abuse-assault\/\">Oklahoma state representative pleads guilty to domestic abuse and assault charges<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"article-paywall\">\n<p>While the number of millionaires in New York doubled during that period, other heavily populated states such as Texas, California and Florida saw their percentage of top earners triple, according to the report.<\/p>\n<p>&ldquo;Millionaires, both those living here and non-residents who pay taxes here, are critical to New York&rsquo;s tax base, contributing $34 billion of State and City personal income tax revenue in 2022,&rdquo;&nbsp;Ana Champeny, the commission&rsquo;s vice president for research, wrote in the report. &ldquo;While their numbers have grown, that increase has lagged the nation&rsquo;s and many of New York&rsquo;s competitors.&rdquo;&nbsp;<\/p>\n<p>New York&rsquo;s shrinking share has a &ldquo;hidden cost&rdquo; of billions of dollars a year in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/more-companies-join-the-great-migration-to-red-states\/\" title=\"More Companies Join the Great Migration to Red ...\">lost tax revenue<\/a> for the state and local governments. The&nbsp;commission&rsquo;s analysis found that if the state&rsquo;s share of millionaires had stayed at 2010 levels, the state and New York City would have collected more than $13 billion in additional tax revenue in 2022.&nbsp;<\/p>\n<p>New York&rsquo;s millionaires are critically important to the fiscal and economic viability of New York,&rdquo;&nbsp;Champeny wrote. &ldquo;There is perhaps no better way to fund critically needed services than to retain and grow millionaires in New York.&rdquo;&nbsp;<\/p>\n<p>According to the latest Internal Revenue Service data, New York lost more than $14.1 billion in state-adjusted gross income between 2021 and 2022 as residents fled to New Jersey, Florida, and other low-tax states.<\/p>\n<p>Democratic Gov. Kathy Hochul has blamed a lack of housing as the primary reason New Yorkers are fleeing the state, making the case for expanding housing stock and making existing homes more affordable.<\/p>\n<p>But Republicans have long argued that New York&rsquo;s outmigration is being driven largely by the state&rsquo;s highest-in-the-nation tax burden, a business sector struggling under excessive regulations and rising labor costs.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/news\/3787790\/new-york-business-groups-back-trumps-gas-pipeline-expansion\/\" target=\"_blank\" rel=\"noreferrer noopener\">NEW YORK BUSINESS GROUPS BACK TRUMP&rsquo;S GAS PIPELINE EXPANSION<\/a><\/strong><\/p>\n<p>The report&rsquo;s authors said that while anecdotal evidence suggests that New York&rsquo;s taxes are a major factor in the exodus of wealth, high-tax California&rsquo;s growing millionaire share &ldquo;shows taxes are not New York&rsquo;s only challenge.&rdquo;&nbsp;<\/p>\n<p>&ldquo;New York is likely losing ground because of a mix of factors in addition to taxes, including quality of life, social and cultural amenities, underlying economic trends, and the high cost of living,&rdquo; they wrote. &ldquo;Simply put, New York&rsquo;s value proposition has not been attractive enough to keep up with millionaire growth nationwide.&rdquo;&nbsp;<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script> <\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York losing millionaires and tax revenue, report says<\/p>\n","protected":false},"author":2869,"featured_media":2480452,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/08\/AP25215565127002.jpg?w=696","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[10283,53098,32120,8360],"class_list":["post-2480451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-migration","tag-millionaires-2","tag-new-york","tag-tax"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/08\/AP25215565127002.jpg?w=696","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2480451","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\/2869"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2480451"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2480451\/revisions"}],"predecessor-version":[{"id":2480459,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2480451\/revisions\/2480459"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2480452"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2480451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2480451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2480451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}