{"id":531819,"date":"2022-12-27T22:29:01","date_gmt":"2022-12-27T19:29:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/millionaires-fled-new-york-during-covid-pandemic-irs-data\/"},"modified":"2022-12-27T22:29:01","modified_gmt":"2022-12-27T19:29:01","slug":"millionaires-fled-new-york-during-covid-pandemic-irs-data","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/millionaires-fled-new-york-during-covid-pandemic-irs-data\/","title":{"rendered":"#Millionaires fled New York during COVID pandemic: IRS data"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a400bc6950b4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a400bc6950b4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/millionaires-fled-new-york-during-covid-pandemic-irs-data\/#%E2%80%9CMillionaires_fled_New_York_during_COVID_pandemic_IRS_data%E2%80%9D\" >&#8220;Millionaires fled New York during COVID pandemic: IRS data&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CMillionaires_fled_New_York_during_COVID_pandemic_IRS_data%E2%80%9D\"><\/span>&#8220;Millionaires fled New York during COVID pandemic: IRS data&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Wealthy New Yorkers fled the Empire State in droves after the COVID pandemic hit \u2014 with more than 2,000 millionaires ditching Manhattan, according to the latest Internal Revenue Service data.<\/p>\n<p>Tax filings show that the number of New York state residents who reported an adjusted gross income of more than $1 million fell to 54,370 in 2020 from 55,100 in 2019 \u2014 a 1.3% decline.<\/p>\n<p>Manhattan saw an even higher net loss of millionaires in 2020 with 2,393 leaving the borough for the suburbs or moving out of state \u2014 more than 10% higher than the number of seven-figure earners who relocated in 2019, according to researcher E.J. McMahon <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.empirecenter.org\/publications\/new-york-lost-more-high-earning-taxpayers-in-pandemic-wracked-2020\/\">of the Albany-based nonpartisan think tank Empire Center for Public Policy.<\/a><\/p>\n<p>The exodus followed a \u201cmillionaire\u2019s tax\u201d by disgraced Gov. Andrew Cuomo in 2018 that hiked the top rate to 9.65% from 8.82%, making New York the highest taxed state in the country.<\/p>\n<p>\u201cIt\u2019s preposterous to deny that it isn\u2019t one of the key determinants,\u201d McMahon <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.lockportjournal.com\/news\/local_news\/tax-data-shows-drop-in-number-of-new-york-millionaires\/article_7ed1cd12-84c5-11ed-b891-df8280641f23.html\">told the Lockport Union-Sun &amp; Journal.<\/a> \u201cAnd it\u2019s the variable that the state government controls.\u201d<\/p>\n<p>The state\u2019s plunge in millionaire\u2019s comes despite a spike in the number of wealthy earners nationally by some 10% \u2014 to 608,540 from 554,340, the tax data show.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"713\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-63.jpg?w=1024\" alt=\"New York saw a decline in the number of millionaires while most of the country saw a net increase in seven-figure earners, according to IRS data.\" class=\"wp-image-25145945\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-63.jpg?quality=75&amp;strip=all&amp;w=2048 2048w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-63.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-63.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-63.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>New York saw a decline in the number of millionaires while most of the country saw a net increase in seven-figure earners, according to IRS data.<\/figcaption><figcaption><span class=\"credit\">John Angelillo\/UPI\/Shutterstock<\/span><\/figcaption><\/figure>\n<p>New York\u2019s share of the national pool of millionaire tax filers shriveled from 9.9% in 2019 to 8.9% in 2020 \u2014 and plummeted 12.7% from 2010. The state joined Oklahoma and Louisiana as the only three states that saw an absolute decline in the number of millionaire income tax filers in 2020.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>\u201cThe continuing decline in New York\u2019s share of the nation\u2019s income millionaires\u2026should be a vivid warning sign for Gov. [Kathy] Hochul and the Legislature,\u201d McMahon said.<\/p>\n<p>Experts have blamed a confluence of factors for the Big <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le emptying out, including the overall cost of living, pandemic-era lockdown policies and rising crime rates. <\/p>\n<p>Overall, an estimated 300,000 New Yorkers reportedly left the city in 2020 \u2014 taking roughly $21 billion in income with them.<\/p>\n<p>Nassau County, which ranks second behind Manhattan in the number of millionaire residents in the state, lost 12 filers in 2020, according to the study of the IRS data by McMahon\u2019s think tank.<\/p>\n<p>Other suburban areas saw gains in millionaire filers, led by Suffolk County, which includes the Hamptons. There was an increase of 722, or 21%, millionaire filers in 2020 compared to 2019.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"683\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-60.jpg?w=1024\" alt=\"The IRS data corroborate anecdotal and statistical findings indicating a flight of wealth from New York during the pandemic.\" class=\"wp-image-25145939\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-60.jpg?quality=75&amp;strip=all&amp;w=2048 2048w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-60.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-60.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-60.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The IRS data corroborate anecdotal and statistical findings indicating a flight of wealth from New York during the pandemic.<\/figcaption><figcaption><span class=\"credit\">Getty Images\/iStockphoto<\/span><\/figcaption><\/figure>\n<p>The Hudson Valley also saw a net increase in wealthy earners. Westchester County became home to 233 more millionaires in 2020, while Duchess County reported an additional 147 millionaires. Dozens more millionaire filers moved to Ulster, Putnam, and Columbia counties in 2020.<\/p>\n<p>The ramifications of the flight of wealth to other states could be significant since New York City and the state. A shrinkage of the tax pool could likely have an adverse impact on the funding of vital public services like schools, mass transit, and police and fire departments.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"768\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-58.jpg?w=1024\" alt=\"New York, California, and Illinois saw a net loss of residents during the pandemic, according to data.\" class=\"wp-image-25145943\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-58.jpg?quality=75&amp;strip=all&amp;w=2048 2048w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-58.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-58.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/moving-nyc-221227-58.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>New York, California, and Illinois saw a net loss of residents during the pandemic, according to data.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>McMahon cited state data which shows that New York\u2019s top 1% of income earners who report incomes of at least $655,835 \u2014 and resided in the state the whole year \u2014 paid 46% of state income taxes as of 2020.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>It wasn\u2019t just high-earners fleeing. In 2020, the number of New Yorkers who earned between half-a-million dollars and $1 million dropped by 2,600 tax filers, or 2.8%, according to the IRS data.<\/p>\n<p>The trend ran counter to the national figures, which indicated 67,290 tax filers in this wage bracket in 2020 \u2014 or an increase of 5.8% compared to 2019. The only other states to lose filers in the $500,000-to-$1-million range in 2020 were Louisiana, Oklahoma and West Virginia.<\/p>\n<p>Florida has been one of the biggest beneficiaries of the escape from New York saga \u2014 along with other Sun Belt locales like Texas, Tennessee, Georgia and the Carolinas. The Sunshine State is positioned to supplant New York as home to the second highest number of millionaires in the country behind first-place California.<\/p>\n<p>\u201cWith 53,190 millionaire filers in 2020, reflecting a gain of 170% over the previous 10 years, Florida moved closer to displacing New York as the state with the second-largest population in this category,\u201d McMahon said.<\/p>\n<p>McMahon\u2019s findings do offer a silver lining for New York. Millionaire tax filers in the Empire State reported that their 2020 adjusted gross income rose by around 10% compared with the previous year.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/apartments-nyc-00.jpg?w=1024\" alt=\"New York's high cost of living has been cited by experts as a reason for the shift in population.\" class=\"wp-image-25145940\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/apartments-nyc-00.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/apartments-nyc-00.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/apartments-nyc-00.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>New York\u2019s high cost of living has been cited by experts as a reason for the shift in population.<\/figcaption><figcaption><span class=\"credit\">Getty Images\/iStockphoto<\/span><\/figcaption><\/figure>\n<p>Notably, the number of part-time residents of New York who earned more than $1 million in 2020 rose \u2014 with Florida accounting for the largest share of nonresident filers, according to McMahon.<\/p>\n<p>In 2020, there were 7,218 Floridians who owed taxes to Albany \u2014 up from 6,471 in 2019, according to McMahon.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/12\/27\/millionaires-fled-new-york-during-covid-pandemic-irs-data\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Millionaires fled New York during COVID pandemic: IRS data&#8221; Wealthy New Yorkers fled the Empire State in droves after the COVID pandemic hit \u2014 with more than 2,000 millionaires ditching Manhattan, according to the latest Internal Revenue Service data. Tax filings show that the number of New York state residents who reported an adjusted gross&#8230;<\/p>\n","protected":false},"author":1,"featured_media":531820,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/apartments-nyc-comp.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[137727,6642,72472,4953,3885,72969,71156],"class_list":["post-531819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-27-22","tag-florida","tag-georgia","tag-new-york-city","tag-new-york","tag-north-carolina","tag-tennessee"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/531819","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=531819"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/531819\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/531820"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=531819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=531819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=531819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}