The latest state data shows that 5% of million-dollar earners in 2020 fled for other states in 2021. But the overall number of millionaires still increased.
Make your contribution now and help Gothamist thrive in 2023.New York state saw a 21% spike in taxpayers who earned at least $1 million in 2021 — even as millionaires fled the state at a higher rate than the general population, according to recently released tax data.with a trove of data, graphs, charts and facts that show how much the state collects in taxes and who the money comes from. The release comes as Gov.
New York’s tax structure is meant to be progressive, meaning it escalates as an individual taxpayer earns more income. That makes the state’s revenues more heavily dependent on wealthy earners. Some governors, including former Gov. Andrew Cuomo, have been wary of hiking taxes on the rich, arguing that they can easily flee to other states., is likely to provide fuel to both sides of that debate — with progressives focusing on the spike in the total number of million-dollar earners, and moderates and conservatives focusing on the higher-than-average outmigration.
The number of million-dollar earners has trended up in recent years, but 2021 marked a particularly big year-to-year spike — doubling the 11% increase from 2016 to 2017, according to the data.
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