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.”
Either way NY benefits. They’re not giving up their residence so whether they pay the higher pied-a-terre tax or less in primary residence tax, the city gets more revenue from them regardless compared to the 0 tax they paid previously.