There’s a mass exodus from New York, especially from NYC. And those who are leaving are the well-to-do individuals, families, and corporations which have paid much of the state and city’s taxes in the past years. With them gone, New York’s tax revenues declined significantly:
The average Manhattan taxpayer who left the state earned $93,264 a year. The average newcomer to Manhattan earned only $72,726.
That’s a difference of $20,538, the highest for any county in the state. Staten Island was second, with a $20,066 difference.
It all adds up to staggering loss in taxable income. During 2006-2007, the “migration flow” out of New York to other states amounted to a loss of $4.3 billion.
Yes, $4.3 billion! Right in front of our eyes is hard evidence of the ill effects from federal, state, and city governments’ regulatory and tax policies.
So when the federal government comes knocking to take over a bank in your state, maybe it’s time to start looking for another town to move to.
Or when the federal government puts a limit of executive compensation, maybe it’s time to look for employment in another state.
Or when the state and city governments start raising tax rates — instead of lowering it – to make up for the shortage of tax revenue, maybe it’s time to get the hell out of there.
