Taxes are not driving the wealthy away from NYC: report

Same percentage of rich and low-income residents left the city in 2012

TRD New York /
Jul.July 21, 2014 12:20 PM

A new report suggests that New York’s tax burden is not heavy enough to make the wealthy flee the city and state just yet.

The city’s Independent Budget Office reported on Monday that the share of high-income households that moved out of the five boroughs in 2012 was equal to the share of low-income households that left, the New York Times reported. Earners at both the top and bottom of the spectrum saw 1.8 percent of their populations pick up and head out.

Of those New York City households making $500,000 or more that did move, most stayed nearby in areas with similar tax levels, according to data cited by the paper. Other parts of the state absorbed 42 percent of them, while New Jersey took in 22 percent and Connecticut welcomed 12 percent.

In fact, the study showed that more on-the-move families who made less than $500,000 headed to low-tax Florida: 10 percent versus 2 percent of wealthy outbound New Yorkers, reported the Times. Texas, another state known for low taxes, took in the same percentage of rich and not-so-rich Gothamites. [NYT]Tom DiChristopher


Related Articles

arrow_forward_ios
Photo illustration of Governor Andrew Cuomo (Credit: Cuomo by Stefani Reynolds/Getty Images; iStock)

Escaping New York? Tax man is right behind you

Escaping New York? Tax man is right behind you
City could lose out on $14B in tax revenue: report

City could lose out on $14B in tax revenue, 500K jobs: report

City could lose out on $14B in tax revenue, 500K jobs: report
New York City Comptroller Scott Stringer (Credit: Andrew Burton/Getty Images, iStock)

Coronavirus will cost city billions in tax revenue: comptroller

Coronavirus will cost city billions in tax revenue: comptroller
Taxes would rise for owners of Manhattan mansions and penthouses, but the biggest shock would be on homeowners in Brooklyn neighborhoods (Credit: Pixabay)

City’s property tax overhaul would increase burden for single-family homeowners

City’s property tax overhaul would increase burden for single-family homeowners
Antonio Reynoso and 140 Devoe Street in Brooklyn (Credit: Google Maps)

Council closes tax-lien loophole that threatened property seizures

Council closes tax-lien loophole that threatened property seizures
Governor Andrew Cuomo and Mayor Bill de Blasio (Credit: Getty Images)

Cuomo expects NYC to take lead on property tax reform

Cuomo expects NYC to take lead on property tax reform
A photo illustration of Michael Gianaris and Jeff Bezos (Credit: Getty Images, Wikipedia, iStock)

Gianaris wants to reform NYC tax credit programs that drew Amazon

Gianaris wants to reform NYC tax credit programs that drew Amazon
City Council Speaker Corey Johnson and Mayor Bill de Blasio (Credit: Getty Images, iStock)

NYC’s convoluted property tax system could get a big reboot

NYC’s convoluted property tax system could get a big reboot
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...