Escape from New York
For years, New York has been among the state leaders in net outmigration—that is, people moving out. Among other problems, New York exiles cite the state’s high taxes and declining quality of services as reasons for leaving. Fleeing New Yorkers take their incomes with them, of course, costing the state billions of dollars in tax revenue. Governor Cuomo has acknowledged the problem, but he’s been slow to understand what readers of The Beat have known for a long time: high taxes drive away high earners.
The Facts You Need to Know
Goodbye: Almost 1.2 million people have left New York State since 2010. Read more.
Waste: In New York’s suffering Upstate region, gambling casinos and wasteful economic-development schemes make poor substitutes for a healthy business climate. Read more.
SALT: Cuomo blames the flight of residents on the federal elimination of state-tax deductibility–but that argument only underscores how high New York’s taxes are. Read more.
“Tax the rich, tax the rich, tax the rich. We did that. God forbid the rich leave.”
Cuomo wakes up.... (kind of): "New York state lost $8.4 billion in income to other states in 2016 (the latest available data), up from $4.6 billion annually on average during the prior four years."— Kimberley Strassel (@KimStrassel) February 6, 2019
https://t.co/zI3L72j9U8 via @WSJOpinion
The Past is Present
“In short, Pataki’s New York is spending lots more money, is much deeper in debt, and is still one of the most heavily taxed and regulated states in the nation.”
And in other news...
“A long-forgotten diesel tank under a defunct gas station in Bushwick is the likely source of the smell that has stunk up the L train this week, MTA officials told the Daily News.”