Flight of Affluent Taxpayers Catches Up With New York

Contributing sentiments towards policy:

48% : Inside the New York City metro area, the cost of living is high, and taxes are high statewide -- the highest in the country, in fact, with the right-leaning Tax Foundation putting New York's 2022 state and local tax burden (state and local taxes paid by a state's residents divided by that state's share of net national product) at 15.9%.
46% : New York's taxes are also somewhat regressive, with the left-leaning Institute on Taxation and Economic Policy estimating that those making less than $19,400 as of 2015 in New York faced a slightly higher overall state and local tax rate than those making more than $780,000, with rates the highest for those making $60,900 to $107,600.
43% : The role of taxes in driving interstate migration is often exaggerated, but it's not nothing.
36% : But New York has continued to lose population, and if the trend depicted above were to continue, even in less extreme form, it would be disastrous for the finances of a state that relies on income taxes paid by those making $200,000 or more a year for almost half its revenue.

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