New York lost more than $14.1 billion in state-adjusted gross income over a two-year period as residents fled to New Jersey, Florida and other low-tax states, according to newly released Internal Revenue Service data.
The data, based on income tax returns, shows New York lost more than 222,702 residents in the 2021 and 2022 calendar years driven by “domestic out-migration” of people moving to other states. The data shows the state lost more than $14.1 billion in taxable income during those two years.
An estimated 476,051 filers and their dependents moved to other states between 2021 and 2022, a slight drop of 2% from the previous year’s outmigration, according to the IRS data. This was offset by the 253,349 filers and dependents who moved into New York from other states in the same period – an increase of nearly 13% from the 2020-21 inflow.
New Jersey and Florida were the biggest beneficiaries of New York’s transplants. More than 88,344 people moved from New York to Florida, taking $9.5 billion. Another 79,883 New Yorkers moved to neighboring New Jersey, bringing about $6 billion in income with them. […]
– Read More: justthenews.com
