A new study reported on in the New York Post finds that high earners are leaving New York because of high taxes and living expenses. The Post reports:
Taxpaying New Yorkers are leaving in droves for other states, according to a new study.
In 2014, 126,000 New York tax filers fled to other places in the United States — more than from any other state, according to the study posted on newgeography.com by two demographers.
The Empire State also lost the most “high earners,” who reported incomes of more than $200,000 a year.
Wendell Cox, one of the authors of the report, cited high property taxes and lack of business opportunities and the high price of housing as reasons for the out-migration.
Illinois came in second with out-migration, followed by California.
Texas, Florida and South Carolina are the biggest gainers of domestic migration.
An official with the Fiscal Policy Institute, which "works to increase public and governmental understanding of issues related to the fairness of New York’s tax system and the stability and adequacy of state and local public services," challenged the report, saying that a previous Stanford study found that those who make $1 million a year don't move because of taxes.
Great–if you earn a million a year, New York's taxes won't get you.