Thursday, September 15, 2016
Taxpayers are fleeing New York in droves
Taxpaying New Yorkers are leaving in droves for other states.
In 2014, 126,000 tax filers fled to other places in the US — more people than in any other state, according to a study posted on newgeography.com.
The Empire State also lost the most “high earners,” who reported making more than $200,000 a year.
“New York has been leading the nation in domestic migration for decades,” Wendell Cox, who co-authored the study, told the Albany Times Union.
While New York’s population is still growing, in part because of immigration, many residents are leaving for other states because of high property taxes, a lack of business opportunities and unaffordable homes.
“The property taxes are bad, but they are on top of an even worse situation in terms of affordability,” Cox said.
Some were critical of the study, including Fiscal Policy Institute executive director Ron Deutsch, who said a Stanford University study found that those who earn at least $1 million per year are more likely to stay put.
Gov. Andrew Cuomo’s spokesperson Richard Azzopardi touted the state’s tax reforms and private-sector jobs.
“The fact is that under this administration, New York has a record number of private sector jobs, an unemployment number below the national average, and passed reforms that led to the lowest middle class taxes in 70 years, the lowest corporate tax rates since 1968 and the lowest manufacturing tax rate since 1917 and a property tax cap,” he told the Times Union.