8 March 2021
Report: Number of New York State Millionaires Grew Rapidly After Millionaires Tax Increase Additionally, preliminary real estate and tax data suggests that wealthy residents a re not fleeing New York State as a result of the pandemic March 2021 For years, an array of think tanks, media outlets, and political leaders in New York S tate have warned that high t axes will cause wealthy New Y orkers. [...] At the time, the Manhattan Institute and other anti-tax activists in m edia and politics warned that this would cause rich people to leave the state. IRS personal income tax data1 shows that this was not the case: ● From 2010 to 2018 (the most recent year for which data is available), the number of $1 million+ earners in New York State went f rom 35,802 to 57,210, an increase of 21,408. . [...] “SOI Tax Stats - Historic Table 2,” IRS. Available at: public-accountability.org 1 The number of $1 million+ filers with residency in New York State increased nearly 60% from 2010 t o 2018, in the years after the millionaires tax was imposed. [...] By comparison, the number of a ll personal income tax filers with residency in New York State was relatively flat, increasing just 5%. ● The percentage of filers in New York State with o ver $1 million in annual income increased to 0.59% in 2018 – a higher percentage than all other states except Connecticut (and the District of Columbia). As of 2018, the most recent year f or which data. [...] January e stimated payments tend t o be an indicator of W all Street bonus compensation.3 ● New York S tate’s median h ouse sales price jumped 11.6% in 2020,4 and sales of $4 million-plus homes in the last quarter of 2020 were a bove figures for the last quarter of 2019.5 III.