Lacks the rich.<\/p>\n
New York\u2019s share of US millionaires dramatically declined in recent years, causing a nearly $11 billion loss in much-needed tax revenue in just one year, according to a bombshell new analysis.<\/p>\n
The study released Monday by the Citizen Budget Commisison showed the Empire State\u2019s share of the nation\u2019s millionaires dipped from 12.7% to 8.7% between 2010 and 2022 \u2013 the largest decline of any state.<\/p>\n
\u201cNew York\u2019s declining share of high-income taxpayers has meaningful consequences,\u201d the analysis states.\u00a0<\/p>\n
\u201cHad New York maintained its share of the nation’s millionaires over the past decade, personal income tax collections would have been substantially higher \u2013 roughly $10.7 billion more in tax year 2022.\u201d<\/p>\n
The analysis shows that New York had the second-largest share of the nation\u2019s millionaires \u2013 12.7% \u2013 in 2010.<\/p>\n
By 2022, the state actually had roughly more 34,000 millionaires, but other states far outpaced that growth, according to the study.<\/p>\n
\u201cNew 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 the study states.<\/p>\n
The study comes amid fears that Mayor Zohran Mamdani\u2019s push to \u201ctax the rich\u201d will drive more wealthy out of New York City and the state.<\/p>\n","protected":false},"excerpt":{"rendered":"Lacks the rich. New York\u2019s share of US millionaires dramatically declined in recent years, causing a nearly $11…\n","protected":false},"author":2,"featured_media":294700,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[1091,426,5309,57,9,24,56,63,65,64,58,82],"class_list":["post-294699","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-democratic-socialists-of-america","tag-kathy-hochul","tag-live-blogs","tag-metro","tag-new-york","tag-new-york-city","tag-ny","tag-nyc","tag-nyc-headlines","tag-nyc-news","tag-us-news","tag-zohran-mamdani"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/294699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=294699"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/294699\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/294700"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=294699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=294699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=294699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}