Lindsay Owens, president and CEO of Groundwork Collaborative, said the new data makes clear that “tax flight is nothing more than a myth, and should be given as much credence as flat-earthers.”
“If there was any merit to the myth that tax increases on New York’s wealthy drive them away, the new IRS data should show it,” said Owens. “It doesn’t—New York’s millionaire population kept climbing years after the state raised taxes on top earners.”
It’s almost like millionaires generally like to be around civilization, places with infrastructure, and things to do. I’m shocked!
Families of millionaires like to live like millionaires, with lots of places to shop, eat, be entertained, and spend their money. They want to do that in a place that has all that stuff, but is also safe. NYC was starting to feel less safe again under the last few mayors. Apparently, the Sociopathic Oligarchs feel differently about Mamdani’s NYC.