Hundreds of thousands are fleeing.
Just over half of the State’s income taxes are paid by the richest 2%.
New York legislature prepares to increase taxes on the few remaining rich.
According to the Wall Street Journal, “Just over half of the roughly $50 billion New York collects each year of personal income taxes is paid by 188,000 tax filers—the highest-earning 2% of the state’s tax base, according to the state budget office.”
New York and neighboring New Jersey have the highest income taxes in the U.S. Both have been losing their wealthiest taxpayers steadily for years.
“The number of these [extremely rich] filers in New York,[. . .] grew by a smaller percentage than for the nation as a whole between 2010 and 2018, according to IRS data.”