IRS Says New York Lost More Taxpaying Residents Than Any Other State
According to an IRS report on migration data in 2013, New York lost more taxpaying residents than any other state in the nation, a total of 115,000 residents with a combined $5.65 billion in adjusted gross income.
Via the Daily Caller:
Americans for Tax Reform (ATR) notes, “This new data shows that New York will remain America’s ‘Biggest Loser,’ having lost nearly 1.6 million taxpayers between 1985 and 2013. Those residents took with them more than $80.8 billion in annual AGI.”
“The phenomenal failure of New York to retain taxpayers and businesses is directly related to its uncompetitive tax and business climates. By some measures, New Yorkers face the greatest tax burden of any state in the nation.”
According to Kerry Picket, the loss of residents and their economic-churning billions in income could be a result of Governor Cuomo’s anti-business policies, such as his ban on hydraulic fracking and the subsidizing of General Electric.
And it doesn’t appear that it’ll be improving much in the future.
Last month, the Cuomo administration lashed out at another report which ranked New York dead last in ‘economic outlook’ for 2015, due in par to economic categories, such as Marginal Corporate Income Tax Rate, Marginal Personal Income Tax Rate, and Property Tax Burden, in which the Empire State ranked near the bottom.
New York also ranked 46th in a survey by Wallethub which ranked the best and worst states in which to be a taxpayer.