The state has already seen a migration of its most affluent residents leaving their abodes.
taxpayers who earned between $1 million and $5 million decreased by 11 percent in 2020 from the previous year, according to a newly released analysis by the Independent Budget Office, an agency that tracks funds in the Big Apple.
Currently, the state is dealing with a budget deficit of $148 million for the next fiscal year. But as expenses in education, pensions and health care increase, it could cause that debt to skyrocket into the multibillion-dollar range. Former Governor Andrew Cuomo, along with other lawmakers, already raised state tax rates for New York’s affluent residents in 2021; now, those earning between $5 million and $25 million are taxed at 10.3 percent, with those making over $25 million set at 10.9 percent. Combined with New York City’s income-rate levy of 3.88 percent, the total tax rate for these individuals would be between 13.5 percent and 14.8 percent. That’s more than California’s 13.
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