New York’s latest migration data shows a state still losing taxpayers and income, even as officials argue about who is really to blame.
Quick Take
- New York recorded a net outflow of 74,482 tax returns in 2022–2023.
- The state also lost about $9.9 billion in adjusted gross income over that period.
- Official state data says the loss was concentrated among people ages 26 to 44.
- Fiscal Policy Institute research says top earners move out at lower rates than other New Yorkers.
What the New York data shows
The New York State Department of Taxation and Finance says the state had a net outflow of 74,482 tax returns in 2022–2023. The same data set shows New York lost almost $10 billion in adjusted gross income, even though some counties still gained new filers. That means the state kept drawing people in, but the people leaving carried more taxable income with them.
The official migration page also says almost 1,700 millionaires changed their address to another state in 2024. The department adds that the number is small compared with the total millionaire population, but the tax loss can still matter because income is so concentrated. In other words, a modest number of departures can still hit state finances hard when high earners are involved.
Why the fight keeps growing
Supporters of the “tax the rich” idea often say higher taxes on wealthy residents can fund schools, transit, and other services. Critics say the policy drives wealthy taxpayers out and weakens the state’s base. New York’s migration numbers give both sides fresh material, but they do not settle the cause by themselves. They show money moving out, while leaving open the question of whether taxes, housing costs, jobs, or pandemic-era shifts did the most damage.
That debate matters because the state has a long history of high tax rates and recurring warnings about wealthy residents leaving. The same pattern has played out in other states too, where tax increases quickly trigger fears of a millionaire flight. But the research record is mixed, and the strongest studies often find that top earners move less often than the public debate suggests.
The policy argument behind the numbers
Fiscal Policy Institute research says New York’s top earners moved out at lower rates than working- and middle-class residents outside the Covid years. Its later analysis says the highest earners move about one-quarter as often as other income groups, and that migration did not jump after the 2021 tax increase. That does not erase the state’s income loss, but it does weaken claims that tax hikes alone are driving a mass wealthy exodus.
For Albany, the real problem is not just how many people left. It is that the people who left were more likely to carry high incomes with them. That leaves lawmakers with a familiar choice: raise taxes on the remaining wealthy, or try to make the state cheaper and easier to live in. New York’s data shows why this issue keeps returning, and why neither party can treat it as a simple slogan fight.
Sources:
timesunion.com, fiscalpolicy.org, upstateunited.com
