NYC’s socialist movement forcing millionaires to flee the state — leaving Mamdani, DSA in a bind

By Judge Glock. Excerpts:

"A new Citizens Budget Committee report found that New York’s share of millionaires, those earning more than a million dollars a year, declined more than any other state since 2010. 

The state went from having 12.7% of all millionaires in the nation to 8.7%. 

Worse yet, in the more recent years, the state’s highest earners have been leaving much faster than its lowest earners." 

"New York City’s tax rates on the wealthy are already the highest in the nation."

"Economists Joshua Rauh and Ryan Shyu found that a California income-tax hike drove almost 1% of top taxable incomes out of the state in a single year. 

The loss of taxpayers and other changes among the well-off meant the state lost most of the cash it would otherwise have raised from the tax. 

Another study, by Enrico Moretti and Daniel Wilson, looked at how state taxes affected the movement of top scientists, a group that’s not thought to be particularly mercenary or focused on cash. 

They found a 1% increase in after-tax income in a state brought nearly 2% more star scientists into the state — while a tax increase drove them away."

"New York’s high rates explain why the state lost more than $7 billion of annual taxpayer income just to Fairfield County in Connecticut over a five-year span, 2019 to 2023 — and more than $7 billion just to Palm Beach County in Florida."