New York Lost $13 Billion in 2022 Tax Revenue as Millionaire Share Fell 31%

1 articles · Updated · The Real Deal · Aug 24

$13 billion in additional 2022 personal income tax revenue could have been collected if New York had kept its 2010 share of U.S. millionaire filers, according to Citizens Budget Commission figures cited in the report.
New York’s share of national millionaire tax filers fell to 8.7% in 2022 from 12.7% in 2010, dropping the state to fourth place even though its millionaire count nearly doubled.
$34 billion in 2022 state and city personal income taxes came from resident and nonresident millionaires, who made up less than 1% of resident filers but paid 44% of state and 40% of city income taxes.
The report argues proposed levies such as a 2% income-tax increase on people earning more than $1 million and a pied-a-terre tax risk worsening the trend, though it notes taxes are not the only factor behind the decline.
Broader drivers cited include cost of living, quality of life and business conditions, framing the issue as whether New York can improve its value proposition enough to attract and retain high earners.