Taxpayers are fleeing New York in droves, taking not only their income – but their businesses and the jobs those businesses provide with them.
The New York Post headline says most of it; Tax refugees staging escape from New York.
From the Post:
“More than 1.5 million state residents left for other parts of the United States from 2000 to 2008, according to the report from the Empire Center for New York State Policy. It was the biggest out-of-state migration in the country.”
“The vast majority of the migrants, 1.1 million, were former residents of New York City — meaning one out of seven city taxpayers moved out.”
“The Empire State is being drained of an invaluable resource — people,” the report said.”
That is correct. And it will take three to five generations to replace the high potential people New York is losing now.
That’s what anyone familiar with human nature would expect. As soon as people get the impression taxes are too high, they do something about it. They leave. Just as most European immigrants did in the 19th and early 20th century.