New York’s income sinks nearly $16B compared to pre-COVID as residents flee at alarming rate

[Kamaji]

New York’s income sinks nearly $16B compared to pre-COVID as residents flee at alarming rate

By Thomas Barrabi
May 1, 2023

New York’s pandemic-induced exodus is killing the state’s bottom line.

The Empire State’s pool of adjusted gross income shrank by nearly $16 billion in 2021 compared to just two years ago — representing a major loss in potential tax revenue compared to pre-COVID levels, according to newly released data from the Internal Revenue Service cited by the Wall Street Journal.

The data shows New York lost a whopping $24.5 billion in state adjusted gross income in 2021 as residents relocated. That marked a major uptick from the state’s loss of $19.5 billion in 2020 and just $9 billion in 2019.

Much of that has wound up in Florida, which has seen a $10 billion windfall in 2021 stemming from newly arrived New York transplants, according to the data.

Adjusted gross income is used to help calculate how much a person owes in income tax.

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Source:  https://nypost.com/2023/05/01/new-yorks-income-sinks-nearly-16b-compared-to-pre-covid-as-residents-flee/