New York state has seen a slow erosion of its prominence as a home to the wealthiest earners, according to new economic data. Such earners represent a contingent that provides 40% of the state’s income tax base.
New York’s share of U.S. millionaire earners dropped by nearly 4% between 2010 and 2019, according to a new study from the Empire Center for Public Policy, a nonpartisan think tank. The decline came after 2010 legislation that raised the highest income tax rate to 8.82% from 6.85%, and before legislation in April of this year raised the rate again, to 9.65%.
“It made no sense when they did that, and
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