Census Bureau Data: Escape From New York

the staff of the Ridgewood blog

New York NY, if you define insanity as repeating the same actions and expecting different outcomes, then New York politicians appear to be candidates for an asylum.

Following the enactment of yet another tax increase in 2021, we conducted a study in collaboration with Committee to Unleash Prosperity senior fellow E.J. Antoni and Steve Moore. In their analysis, they estimated that the heightened taxes would contribute to an exodus of residents from the Empire State.

[Link to the study: https://committeetounleashprosperity.com/wp-content/uploads/2021/04/CTUP_OneMillionFewerNewYorkers.pdf]

Fast forward two and a half years, and the New York Post has brought attention to the latest Census Bureau data, confirming that the anticipated population drain is underway, aligning with CTUP earlier estimates. In the most recent 12 months of available data, 217,000 more individuals left the state than moved in, representing 1.1% of the state’s population.

This population decline provides insight into the anticipated reduction in congressional representation for New York, as indicated by the new Census population figures reflecting the state’s contraction.

Can one blame these departures, particularly among the affluent who shoulder the majority of the state’s financial responsibilities? With the cumulative impact of federal, state, local, and payroll taxes, the top marginal income tax rate in New York City hovers around 60%. Unsurprisingly, many are choosing to relocate to tax-friendly havens such as Florida, South Carolina, Tennessee, and Texas.

 

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