{"id":635319,"date":"2026-07-14T16:47:44","date_gmt":"2026-07-14T16:47:44","guid":{"rendered":"https:\/\/buglecall.org\/?p=635319"},"modified":"2026-07-14T16:47:44","modified_gmt":"2026-07-14T16:47:44","slug":"study-says-new-york-losing-thousands-of-wealthy-residents-and-billions-in-income","status":"publish","type":"post","link":"https:\/\/buglecall.org\/?p=635319","title":{"rendered":"Study says New York losing thousands of wealthy residents and billions in income"},"content":{"rendered":"
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The slow creep of communism has increasingly looked like \u201cAtlas Shrugged\u201d as a new report quantified the billions in tax revenue lost to New York amid denials from Gotham\u2019s mayor.<\/p>\n

Coupling calls for reparations with entitlement programs for illegal aliens at the same time funds are cut for first responders, and taxes are hiked, leftists appear to be constantly outdoing one another in their race to the bottom. Monday, the Citizens Budget Commission (CBC) quantified the impact takers have had in driving away makers from the Empire State at a cost of nearly $11 billion in 2022 alone.<\/p>\n

According to the CBC\u2019s Competitive NYS Value Proposition Tracker report<\/a>,\u00a0\u201cNew York\u2019s declining share of high-income taxpayers has meaningful consequences. Had New York maintained its share of the nation\u2019s millionaires over the past decade, personal income tax collections would have been substantially higher \u2014 roughly $10.7 billion more in tax year 2022.\u201d<\/p>\n

Leading the nation in state and local taxes in 2023, with a per capita of $12,495 \u2014 78% above the rest of the country \u2014 the report found New York losing residents to net migration, especially to Florida and Texas. Meanwhile, population upticks in 2023 and 2024 were a result of illegal aliens descending on the state for handouts.<\/p>\n

Asked about the report showing the share of millionaires in New York declined from 2010 to 2022 more than any other state, New York City Mayor Zohran Mamdani (D), who previously served as a state assemblyman, seemingly denied the reality, referring to legislation to raise taxes, \u201cAnd what we found is after passing that and raising billions of dollars that helped our state to finally meet the terms of the campaign for fiscal equity, that we in fact had more millionaires than we had prior.\u201d<\/p>\n\n

(Video Credit: NYC Mayor\u2019s Office)<\/p>\n

\u201cI\u2019ve been very clear about the fact that we live in the wealthiest city in the wealthiest country in the history of the world, and it\u2019s unacceptable that one in four New Yorkers are living in poverty. And I believe that the wealthiest can do a little bit more to ensure that everyone can afford to live here,\u201d he went on.<\/p>\n

Neither Mamdani nor the report accounted for the source of the millionaires, and while the total number did increase, New York was far outpaced by Texas, Florida, and even California in the years since 2010.<\/p>\n

\u201cFrom 2010 to 2022,\u201d detailed the CBC, \u201cNew York\u2019s share of the nation\u2019s millionaires declined from 12.7 percent to 8.7 percent. New York\u2019s number of millionaires doubled, but it tripled in California and Texas and quadrupled in Florida, leaving New York State with the fourth-most millionaires behind those states.\u201d<\/p>\n

Speaking to the\u00a0New York Post<\/em>, Tax Foundation senior fellow Jared Walczak addressed<\/a> the impact the highest earners have on state tax revenue,\u00a0\u201cIn New York, the top 1% of earners pay about 45% of all state income taxes in any given year, so New York\u2019s revenue is very reliant on high earners to stay in New York, and that has been a challenge in recent years.\u201d<\/p>\n

\u201cGracie Mansion can\u2019t do it on its own; it takes Albany. Pied-\u00e0-terre will have some impact, but there\u2019s this feeling that New York isn\u2019t done raising taxes, and with other places being more competitive, it won\u2019t be surprising if high-earner taxpayers choose to relocate,\u201d he went on, addressing the tax increase on second homes.<\/p>\n

While Mamdani spun a narrative in defense of his communist ends, he\u2019d already been called out publicly by Citadel\u2019s Ken Griffin, who criticized the \u201ccreepy\u201d video<\/a> taken outside his penthouse, indicating that he would be making greater investments in Miami based on Hizzoner\u2019s policies.<\/p>\n

Upstate United Executive Director Justin Wilcox shared his own reaction with the\u00a0Post,<\/em> faulting the capital as he said, \u201cWith this CBC tool, Upstate New Yorkers can see for themselves the devastating impacts of Albany\u2019s policies \u2014 businesses failing to grow, population decline and the loss of revenue. NYS needs to course correct now before it\u2019s too late and we become permanently entrenched in a cycle of fewer people.\u201d<\/p>\n

<\/p>","protected":false},"excerpt":{"rendered":"

The slow creep of communism has increasingly looked like \u201cAtlas Shrugged\u201d as a new report quantified the billions in tax revenue lost to New York amid denials from Gotham\u2019s mayor. Coupling calls for reparations with entitlement programs for illegal aliens at the same time funds are cut for first responders, and taxes are hiked, leftists… Continue reading Study says New York losing thousands of wealthy residents and billions in income<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":635320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[17,22,13],"tags":[],"class_list":["post-635319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-border-security","category-immigration","category-immigration-reform","entry"],"_links":{"self":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/posts\/635319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=635319"}],"version-history":[{"count":0,"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/posts\/635319\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/media\/635320"}],"wp:attachment":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=635319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=635319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=635319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}