More proof that higher taxes actually leads to lower revenue here in the Empire State.
The Tax Foundation has developed an interactive tool known as the “migration calculator“, which uses data from the Internal Revenue Service to chart the number of individuals moving between states each year. It also calculates the effect these migrations have on tax revenue.
New York it seems, has hemorrhaged residents at an alarming rate, and despite it’s exorbitant tax rates to generate revenue, has actually lost $45.6 billion in income because of the migration.
According to CNSNews, New York accounted for the largest number of residents lost between 2000 and 2010, with 3.4 million leaving the state for greener pastures. During that same period, 2.1 million people came to New York, resulting in a net loss of 1.3 million residents.
The result? Nearly $50 billion in lost income.
The article reports that a majority of New Yorkers set out for Florida, taking advantage of the fact that the Sunshine State does not impose an individual income tax, an estate tax, or an inheritance tax.
Here is a summary of what New Yorkers endure tax wise:
New York State has a progressive personal income tax rate ranging from 6.45 percent to 8.82 percent for those earning over $2 million. Sales varies by county, and is between seven and eight percent. In Manhattan, the sales tax is 8.875 percent.
According to the Retirement Living Center, which examines tax burdens by state for those nearing retirement, New York also levies a gasoline tax at 49.0 cents per gallon and a cigarette tax of $4.35 per pack, along with an additional $1.50 per pack in New York City.
New York is also one of 17 states plus the District of Columbia that collects an estate tax, with a $1 million exemption and a progressive rate from 0.8 percent to 16 percent.
And yet progressives in New York continue to call for higher taxes, particularly on the rich, meaning fewer people will remain and wealthy entrepreneurs will take their businesses with them.