New York’s decline was reported at a time when the number of millionaires grew nationally by some 10% — from 554,340 to 608,540.
after the COVID pandemic hit — with more than 2,000 millionaires ditching Manhattan, according to the latest Internal Revenue Service data.
The exodus followed a “millionaire’s tax” by disgraced Gov. Andrew Cuomo in 2018 that hiked the top rate to 9.65% from 8.82%, making New York the highest taxed state in the country.told the Lockport Union-Sun & Journal.The state’s plunge in millionaire’s comes despite a spike in the number of wealthy earners nationally by some 10% — to 608,540 from 554,340, the tax data show.
Experts have blamed a confluence of factors for the Big Apple emptying out, including the overall cost of living, pandemic-era lockdown policies and rising crime rates.taking roughly $21 billion in incomeNassau County, which ranks second behind Manhattan in the number of millionaire residents in the state, lost 12 filers in 2020, according to the study of the IRS data by McMahon’s think tank.
The ramifications of the flight of wealth to other states could be significant since New York City and the state. A shrinkage of the tax pool could likely have an adverse impact on the funding of vital public services like schools, mass transit, and police and fire departments. The trend ran counter to the national figures, which indicated 67,290 tax filers in this wage bracket in 2020 — or an increase of 5.8% compared to 2019. The only other states to lose filers in the $500,000-to-$1-million range in 2020 were Louisiana, Oklahoma and West Virginia.g with other Sun Belt locales like Texas, Tennessee, Georgia and the Carolinas
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