Albany’s never-ending tax hikes are now backfiring — big-timeBy NY Post Editorial Board
June 29, 2022
Albany’s never-ending tax hikes seem to be backfiring: Some 300,000 city residents, who as a group earned $21 billion in 2019, fled as the pandemic broke out — and many cite high taxes as a key reason.
As The Post reported Wednesday, Internal Revenue Service data based on tax filings show that the mad dash for the doors that year represented the largest loss of income in city history, twice the amount lost in an average year over the past decade.
Statewide, high-income New Yorkers (those making over $200,000) represented a larger share of those leaving (10.7%) than in any other state, per data from the Empire Center’s E.J. McMahon — who also sounded the alarm over the exodus in The Post last week. Manhattanites who moved to Palm Beach County earned, on average, a whopping $728,351 each.
True, some of the moves were temporary as the pandemic ran its course; some who skedaddled have already moved back. And not everyone left because of high taxes: Crime, homelessness, quality of life, bad schools, the cost of living and even the weather might have prompted some people to pick up stakes.
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Source:
https://nypost.com/2022/06/29/albanys-never-ending-tax-hikes-are-now-backfiring-big-time/
