Bloomberg. April 30, 2025.
New York City’s high taxes and overregulation are driving thousands to flee.
The top 1% of New York City’s tax filers pay 40% of the income taxes. This has caused a net 30,000 New Yorkers to flee the city for Florida’s Palm Beach and Miami-Dade counties in the five years through 2022. These tax fugitives took with them a combined $9.2 billion in income.
Florida has no state income tax.
“Almost 20,000 people with a per capita income of about $190,000 left New York City for Palm Beach during that time, while more than 26,000 individuals with a per capita income of about $266,000 went to Miami-Dade, according to the group.”
Thousands more fled the City for nearby Long Island.
According to Bloomberg, “[n]ot everyone leaving the city left the state. A net of nearly 138,000 city residents relocated to New York’s Long Island during those years, reducing the Big Apple’s adjusted gross income by a combined $11.1 billion, according to the CBC data. Westchester County, just north of the city, gained almost 60,000 net new residents, cutting the city’s adjusted gross income by $5 billion.”
New York State’s share of US millionaires actually declined, according to the report. In 2010, New York was home to 12.7% of the county’s millionaires, a percentage that fell to 8.7% by 2022, even as states like California, Texas and Florida saw their shares of the country’s wealthiest people increase.
