New York State is reeling from a COVID-era exodus to low-tax locales as revenue during this fiscal year is down nearly 20%, according to a report.
New York has collected 19.5% less in levies while California has seen its state tax revenue fall by a whopping 24.9%,Meanwhile, Texas reported a 12.2% growth in state tax revenue while Florida has collected 9.9% more in levies so far this fiscal year, according to the data compiled by Urban-Brooking Tax Policy Center.
New York state is reeling from COVID-era outmigration to low-tax locales as revenue during this fiscal year is down nearly 20%, according to a new report.California has seen its state tax revenue fall by a whopping 24.9%. The Los Angeles skyline is pictured above.Recently released data from the Internal Revenue Service show that New York and California lost a total of more than $90 billion in income during the pandemic as residents fled to areas with a cheaper cost of living.
Meanwhile, California lawmakers this week approved a $310.8 billion budget that closes a nearly $32 billion budget deficit while also extending a lucrative tax break for the state’s film and television industry.
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