New York City is losing more than 270 residents each day, more than any other city in the United States

Driving the Big Apple residents away are high taxes, staggering costs of living, and a significant decline in quality of life. While local politicians watch swaths of people pack up and leave, they continue to prioritize rank partisanship over smart policy. As a result, the great exodus is likely to accelerate in the months and years to come.

New York City is losing more than 270 residents each day, more than any other city in the United States Statue_liberty172615410

New York City is home to the highest tax burden in the nation. Its residents fork over an average 12.7 percent of their income in state and local taxes annually. The 2017 federal tax law only drove up middle and upper income New Yorkers’ tax bills even further by capping state and local tax deductions. For many New Yorkers, the extra cost is the straw that broke the camel’s back, instead of coughing up the additional cash, residents simply move to low tax havens like Texas and Florida.

Rather than incentivize high-earning residents to stick around by lowering the state and local tax burden, year after year Governor Andrew Cuomo pushes new taxes and fees to raise funds. Cuomo and the state legislature extended the 2009 “temporary” millionaire’s tax earlier this year, prolonging the policy originally set for sunset in 2012. But much of the resulting increase in revenue is offset by the sheer number of workers fleeing. In February, Cuomo announced a “surprise” $2.3 billion hole in the state budget.

Mayor (and floundering White House hopeful) “Big Tax” Bill de Blasio proudly proclaimed during a recent Democratic presidential debate that he wants to “tax the hell” out of the rich. The impact of his confiscatory tax agenda already imposes burdens on residents in his city. Earlier this year, de Blasio and Cuomo teamed up to announce new “congestion pricing” around Manhattan, a city internet sales tax, and a cannabis excise tax which will hit low and middle income earners hardest.

https://thehill.com/opinion/finance/459592-why-does-new-york-city-lose-more-residents-than-the-rest-of-america

New York City is losing more than 270 residents each day, more than any other city in the United States

New York City is losing more than 270 residents each day, more than any other city in the United States

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