While New York Mayor de Blasio has pledged to “tax the hell out of the rich” and claimed unprecedented successes in the city, the number of New Yorkers leaving the city continues to rise. Indeed, the number has more than doubled in the last year. However, at the same time, the number international migrants to the city has risen sharply.
New York leads all other cities with the largest loss in population with 277 people moving every day. A year ago, it was 132. Los Angeles and Chicago follow New York as net losers with 201 and 161 residents, respectively.
However, during the same period, almost 100,000 net international migrants settled during the same period.
De Blasio is facing the loss of wealthy citizens who are going to lower tax states like Florida. Now that New Yorkers cannot write off their higher taxes on their federal forms, many are fleeing. The loss of these top earners can be devastating. The top 1 percent pays for nearly half of the income tax revenue in New York City. A family of four in New York earning $175,000 will pay 25 percent of their income in New York in taxes as compared to 14 percent for the same family in Florida. His promises to “tax the hell out of the rich” will not help retain those who have thus far stayed behind.