The New York Post had an article recently regarding the continuous stream of New Yorkers leaving the state. An analysis found that “in 2014, 126,000 tax filers moved out of New York,” more than any other state in the nation. Also significantly, “The Empire State also lost the most “high earners,” who reported making more than $200,000 a year.”
This particular phenomenon has been going on for years, as I have written about in previous articles. But it seems like some people and groups want to downplay the exodus. The executive director of the Fiscal Policy Institute, Ron Deutsch, was sure to point out “that those who earn at least $1 million per year are more likely to stay put.”
It was a curious observation from the The Fiscal Policy Institute (FPI), which purports to be “an independent, nonpartisan, nonprofit research and education organization committed to improving public policies and private practices to better the economic and social conditions of all New Yorkers.” It is curious because their observation proves our point. Of course those who earn more than one million a year would be more likely to stay put. They are the ones who can afford to be abused by the NY government – its outrageously high taxes, nanny state rules, and public education and other cronyism that creates ridiculously high prices- that is borne disproportionately by NY’s well-off. The super-wealthy put up with it because they don’t want to give up their luxuries — the theater, the restaurants, museums and attractions – and they have the super-wealth to afford it. That $200,000 – $1 million threshold? It’s really New York’s well off upper middle class, the backbone of the City. They refuse to tolerate the burden of staying, and vote with their feet by leaving.
If Texas ever did to their oilmen, or Kansas ever did to their farmers, what New York does to its well off financial community, they’d be run out of town on a rail!