Soaring taxes, crime cost New York and New Jersey $670 billion — and rising
In the aftermath of an election where New Jersey chose to stay left and New York City opted to go farther left — and one year before the Empire State faces its own choice — the wonks at the free-market-advocacy group Unleash Prosperity are out with a study that exposes the true depths of flight from high-tax states.
It’s not uncommon to look at the one-year losses and gains of income from internal migration such as taxpayers fleeing New York for Florida, but that fails to capture the long-lasting impact: The migrant’s income is lost (or gained) year after year for the rest of his or her life.
This new report used Census and IRS data to calculate the cumulative impact; it finds that New York state has lost more than $500 billion in resident income over the past 10 years, while New Jersey has lost $170 billion.