You know the phrase “vote with your feet.” It means if you don’t like something or somewhere, you leave it behind and move. That’s exactly how New York’s millionaires are voting against the state’s high taxes and regulations. The Citizens Budget Commission (CBC), an organization dedicated to achieving “constructive change in the finances and services of New York City and New York State government,” found that New York is falling behind in its share of the nation’s millionaires. They write:
High-income taxpayers contribute a significant share of New York’s personal income tax revenue, making their residency choices important to funding robust public services. From 2010 to 2022, New York’s share of the nation’s millionaires declined from 12.7 percent to 8.7 percent. New York’s number of millionaires doubled, but it tripled in California and Texas and quadrupled in Florida, leaving New York State with the fourth-most millionaires behind those states.
New York’s declining share of high-income taxpayers has meaningful consequences. Had New York maintained its share of the nation’s millionaires over the past decade, personal income tax collections would have been substantially higher—roughly $10.7 billion more in tax year 2022.
The nation’s highest top marginal personal income tax rates are paid by high earners in New York City. The top combined marginal rate in NYC is 14.776 percent, compared to 13.300 percent in California, the second highest rate in the U.S. While those earning enough to pay these rates may have the means to pay them, differences in tax costs across jurisdictions—especially given the cap on federal deductibility—can influence where high-income households choose to live and work.
Action Line: Americans want to move to where they and their money are treated best. If you’re looking for a better America, click here to begin your search with Your Survival Guy’s 2026 Super States rankings.
