In this Independent Sentinel article, M. Dowling reports that New York’s share of U.S. millionaires has sharply declined, leading to billions in lost tax revenue and burdening the middle class.
- From 2010 to 2022, New York’s share of millionaires dropped from 12.7% to 8.7%, causing a nearly $11 billion loss in one year.
- Millions have left for states like Florida and Texas; NYC’s rebound relied on international immigrants after pandemic exodus.
- The state leads in per capita tax collections but faces population loss outside the NYC-Albany corridor.
- Critics blame high taxes, crime, regulations, and policies under Mayor Zohran Mamdani targeting the wealthy.
- Millionaires, less than 1% of filers, pay 44% of state and 40% of city income taxes, shifting the burden to the middle class.
Read the full story:
https://www.independentsentinel.com/the-millionaires-are-leaving-nyc-the-middle-class-picks-up-the-tab/
Pro-MAGA. Pro-Trump. Pro-America. Pro-Family. Most importantly, Pro-Jesus. Here’s the news aggregator that delivers what America needs right now: jdrucker.com
