A new report from a think tank reveals that states with progressive tax systems—where higher earners pay a greater share—consistently show the highest concentrations of millionaires. Among them, New York stands out alongside Massachusetts, Connecticut, New Jersey, and California, all of which combine steep tax rates with a strong presence of affluent residents. The findings challenge assumptions about how taxation affects wealth distribution, suggesting that progressive policies may not deter high-net-worth individuals from residing in these states. The report offers fresh insights into the relationship between tax structures and economic demographics.
The think tank today will release a report that found the states with progressive tax rates continue to have higher concentrations of millionaires. New York isn’t alone: Massachusetts, Connecticut, New Jersey and California are similarly high-tax states with high doses of rich people.
