As NY politicians eye new taxes on the rich, high earners eye the exits

DM

With Gov. Cuomo now threatening to go for “soak the rich” tax rates if he doesn’t get a federal bailout as ginormous as he wants, it’s well worth remembering just how much New York already depends on these citizens — who can easily afford to move away. Indeed, many have decamped temporarily during the pandemic — but they’re still paying taxes as New York residents. What if that changes? Enter a new Manhattan Institute report by Michael Hendrix and Don Boyd, which looks at the fiscal consequences just for New York City — which leans on top earners less that the state government — if the 1 percent wave bye-bye.

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