New York risks losing wealthiest residents over high taxes: Official

An analysis by New York City's Independent Budget Office released this week showed that the number of city taxpayers who earned between $1 million and $5 million declined 11% in 2020

New York’s high taxes may already be pushing wealthy residents out of the city, providing little wiggle room for the state to raise more revenue during an economic slowdown, state Comptroller Thomas DiNapoli said on Wednesday. 
 

“We might be getting near that tipping point where we do make it economically unsustainable for enough of those folks to stay here,” DiNapoli said in an editorial board meeting with Bloomberg News. “There’s no doubt there’s been a net migration of taxpayers at the upper end. It should be a concern for everybody.”  

An analysis by New York City’s Independent Budget Office released