A new study has revealed a staggering trend in New York, as the state witnesses a significant exodus of high-net-worth individuals, including US millionaires. According to the study, nearly $11 billion in tax revenue is being lost due to this mass migration, raising concerns about the state's fiscal stability. The departure of these wealthy individuals is attributed to a combination of factors, including high taxes, rising living costs, and a perceived decline in the state's business-friendly environment. As a result, New York's tax base is shrinking, putting pressure on the state's already-strained finances.
NY sees dramatic exodus of US millionaires — causing nearly $11B loss in tax revenue: study New York Post
