New York Loses More Tax Payers to People Leaving the State!

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cybersecdn- A lot of people left New York for Florida, Texas, and other low-tax states last year, causing the city’s population to drop again. Newly released figures from the U.S. Census Bureau show that New York’s population dropped by 101,984 people over the past year, which was the biggest drop of any state.

The drop was caused by 216,778 New Yorkers leaving the Empire State for other states over a year, according to census statistics. Still, the number of people leaving New York seems to be slowing down. About 81,000 fewer people left the state in 2023 than in 2022, a 27% drop.

Even though New York lost almost a record number of people to COVID-19 in the first two years after it happened in the spring of 2020, net domestic migration was down. However, the Empire Center pointed out that the state is still well above its average yearly migration outflow in any decade since the 1970s.

The Census Bureau says that New York has lost 884,000 people to other states since 2020. The center said this in a blog post. “As a percentage of its 2022 population, New York’s net domestic migration loss of 1.1 percent last year was larger than any state’s; in absolute terms, it was exceeded only by California’s net outflow of 338,371 people.”

According to the census, California, Illinois, and Pennsylvania were also among the top states where the number of people living there fell in 2023. The figures show that even though some people left New Jersey in 2023, more people moved there, adding about 30,000 more people to the state’s population.

This information shows that 44,666 New Jersey residents moved to other states, but nearly 50,000 new people moved to the state from other countries. The number of people living in Texas rose the most in 2023, by a net gain of 473,453. The state that came next was Florida, which added 365,205 people.

The numbers show that the U.S. population grew by more than 1.6 million people over a year.

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In New York, the drops continue a pattern that critics say is caused by the state’s high cost of living, severe housing shortage, and other problems that make people want to leave the state for other states.

According to figures from the federal government, the drop in population has big effects on the states’ income, tax collections, and revenue. The latest numbers from the Internal Revenue Service show that New York lost an amazing $24.5 billion in state-adjusted gross income in 2021 because people moved to Florida, New Jersey, and other low-tax states.

Based on income tax returns made in 2020 and 2021, the Empire State lost more than 261,785 residents in the year ending July 2022. This was due to “domestic outmigration,” which means people moving to other states. The numbers show that the state lost about $45 billion in tax money in those two years.

An independent research company called Wirepoints says that from 2000 to 2020, net migration caused New York to lose the ability to tax a total of $1.1 trillion in adjusted gross income. If people didn’t leave every year, the state would have gotten nearly $144 billion in AGI to tax in 2020 alone.

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