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Taxpayers Flee New York, Taxes Too High (Duh)
By
Jaya Saxena
Published Oct 27, 2009
Modified Oct 27, 2009
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By
Jaya Saxena
Published Oct 27, 2009
Modified Oct 27, 2009
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"The Empire State is being drained of an invaluable resource -- people," proclaims a new study from the Empire Center For NY State Policy. It shows that many New Yorkers are leaving the state in record numbers, and the move is looking to be quite taxing on the state. Between 2000 and 2008, 1.5 million state residents left for other parts of the U.S., leaving the state with a huge loss in taxable income. Nearly 80% of those who left were New York City residents.
What's more unfortunate for the city is that the new residents generally earn less than the ones who fled. The Post points out the average Manhattan taxpayer who left the state earned $93,264 a year, whereas the average newcomer earns about $72,726. Still nothing to sneeze at, but that's over $20,000 less in taxable income for the city.
The reason for this flight? Taxes! Yes, surprisingly the city is just too darned expensive for most people. So where did they go? Most of the ex-population headed to Jersey or Florida (or "Florida" like Tom Golisano). Then again, plenty just moved around. More than half of those who left Manhattan moved just north to the Bronx, and a good two-thirds of those who left Brooklyn went to Staten Island (at least the ferry is free).
Tagged
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Jaya Saxena
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