Wealthy Americans left New York in droves two years ago as the city continues to grapple with an exodus of high-income earners leaving for lower-tax destinations.
A staggering number of wealthy Americans fled New York in the early days of the COVID-19 pandemic, departing the state with the highest tax burden in the nation, according to new data.
The number of New Yorkers earning between $150,000 and $750,000 fell by about 6% between 2019 and 2020. The decline is even more stark among higher earners: The number of Individuals earning more than $750,000 plunged by nearly 10% during that same time period, according toNew York's Lower Manhattan skyline, including the One World Trade Center, left, is reflected in water on April 6, 2013, as seen from Liberty State Park in Jersey City, N.J.
While it's unclear whether the departure of rich individuals in 2020 is directly linked to the high tax burden in New York, the loss of wealthy residents dinged the city's income tax collection. In fact, the 41,000 filers in the top 1% pay more than 40% of all income taxes. Another two-thirds is paid by about 450,000 individuals in the top 10%, while the remaining 90% pays the final third.
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