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In this Jonathan Turley article, the author examines New York’s sharp decline in millionaires, resulting in billions of lost tax revenue as high earners flee the high-tax environment.
- New York’s share of U.S. millionaires fell from 12.7% in 2010 to 8.7% in 2022, the largest drop of any state, costing the state $10.7 billion in revenue.
- Despite pledges for massive social programs and free services funded by taxing the wealthy, many are choosing low-tax states like Florida and Texas where remote work makes location less necessary.
- Democrats respond with measures like a pied-à-terre tax on luxury second homes and national wealth tax proposals to eliminate the benefit of fleeing high-tax states.
- Author notes the top 1% already pays roughly 40% of federal taxes, and fleecing the wealthy has proven a revenue loser in places like California and France.
- The exodus is accelerating under Mayor Zohran Mamdani’s policies, with remaining taxpayers facing heavier burdens as the wealthy depart.
Read the full story:
https://jonathanturley.org/2026/07/17/start-spreadin-the-news-new-york-losing-billions-as-millionaires-flee-the-big-apple/
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