Wait til they find out who has been paying the bills.
More Millionaires Are Leaving New York For Florida And Texas, State Loses $11 Billion In Revenue
New York is losing some of its wealthiest residents, and the state budget is feeling it. A new study by the Citizen Budget Commission (CBC) has found that New York saw a dramatic exodus of millionaires in recent years, leading to an estimated $11 billion loss in tax revenue. The millionaires are now taking their businesses to other states, with Florida and Texas emerging as the biggest beneficiaries. Those states have no state income tax, which makes them especially attractive to wealthy filers looking to reduce their tax bill.
Notably, the report comes amid renewed debate over New York City mayoral candidate Zohran Mamdani's proposal to raise taxes on the wealthy.
Edited on 14/07/2026 at 18:15:36.
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