New York Has Lost Nearly $50 Billion Due to Residents Leaving for Lower-Tax States
Hard to argue that higher taxes generate greater revenue, when taxpayers are leaving the Empire State in droves.
In February, we cited a report that ranked New York as having the fourth highest percentage of outbound migration in the country. It isn’t enough that New York is the liberal policy cesspool that it is, but it is also bringing neighboring states down with it. New Jersey ranked first, but New York was given some credit for that as well.
Now we’re seeing the effects of that migration on the state economy.
Via the Times Union:
The story of people fleeing the Empire State for warmer and lower-tax states is an old one.
But a new study shows how New York escapees are also taking their money with them when they leave.
When it comes to the out-migration of income, New York leads the nation by a wide margin.
The Empire State saw a staggering $45.6 billion in income leave for other states between 2000 and 2010, according to a study by the Tax Foundation, a nonpartisan research group. The loss outpaced even California, which lost $29.4 billion, and Illinois, where $20.4 billion was lost over the same 10-year period.
The biggest winner between 2000 and 2010 was Florida, which gained net of $67.3 billion dollars in annual income reported by people who had moved there from other states.
In second place was Arizona, at $17.7 billion, and Texas with $17.6 billion.
Notice a trend in those states?
The top three states hemorrhaging income are governed by Democrats.
The top three gaining income? Republican governors.
In fact, eight out of the top ten gainers have Republican governors.
The study can be found here.