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Revenue vs Forecast (February)
Comparison of actual tax revenue collected versus the state's forecast.
Primary Sources
IRS Data Shows Mass Exodus From California and New York as Billions in ...
New IRS migration data is highlighting a major population and wealth shift out of deep-blue states, with California and New York losing a combined 373,309 residents between 2022 and 2023, along with $23.5 billion in adjusted gross income. The figures, drawn directly from IRS migration files, reflect not temporary movement but a sustained loss of tax base, as individuals and businesses relocate to lower-cost, lower-tax states. A business leader from New York City warned that the trend carries serious consequences. “The crowd that keeps daring businesses to leave should treat this as a flashing warning sign,” Steven Fulop, the CEO of Partnership for New York City, said. - Advertisement - “When jobs go, revenue goes as well, and the affordability problem gets worse.” High-Tax Policies Linked to Economic Flight Economists and business leaders have long warned that aggressive tax policies targeting wealth can drive capital and job creators out of state, with ripple effects hitting middle-class residents. As high earners and businesses leave, remaining residents often face rising costs, reduced services, and fewer economic opportunities. - Advertisement - California has emerged as a key example. The state recorded a net loss of 216,000 residents in 2025 alone, with Los Angeles County leading the nation in population decline after losing 54,000 residents in a single year. Policy proposals under consideration have raised additional concerns, including a retroactive wealth tax measure supported by a majority of voters and a push for a $30-per-hour minimum wage in Los Angeles. Critics argue such measures could further strain businesses, reduce hiring, and accelerate outward migration. - Advertisement - New York Faces Similar Pressures New York is seeing parallel trends, with business leaders warning about the impact of rising taxes and regulatory burdens. JPMorgan Chase CEO Jamie Dimon cautioned that excessive taxation can undermine economic growth. Americans “vote with their feet,” Dimon said, warning that policies viewed as punitive toward businesses and higher earners can drive both individuals and capital elsewhere. At the same time, New York City officials have floated a potential 9.5 percent property tax increase affecting millions of middle-class households, raising concerns about affordability in an already high-cost environment. Migration Patterns Favor Low-Tax States As residents leave high-tax states, they are increasingly relocating to states with no...
What Is the Proposed Tax Increase in New York? - factually.co
Lawmakers in Albany and New York City have proposed a package of tax increases aimed at wealthy individuals, large corporations and select city levies: the Assembly and Senate one‑house budgets differ, but common elements include higher top personal and corporate income rates, expanded city taxing authority, and specific surtaxes and credits ...
New York Governor Proposes Tax on Luxury Pied-à-Terres
New York Governor Kathy Hochul has proposed a new tax on high-end secondary residences, or pied-à-terres, in New York City worth over $5 million. The tax surcharge aims to generate at least $500 million annually to help fill a multi-billion dollar budget gap in the city, without raising personal income or corporate taxes that Hochul fears could drive residents and businesses out of the state.
The Pied-à-Terre Tax Has Failed Before. Could ... - The New York Times
Amid calls from the left to tax the rich, a tax proposal on multimillion-dollar second homes in New York City, backed by Gov. Kathy Hochul, seems to have better odds of passing than in years past.
