Posts on Tuesday, July 14, 2026

New York has spent years aggressively taxing its wealthiest residents in the name of fairness, and the results are now in. Suffice it to say, they’re not pretty. A new study released Monday by the Citizen Budget Commission (CBC) reveals the state’s share of America’s millionaires has dropped sharply since 2010, triggering a nearly $11 billion shortfall in tax revenue in a single year as high earners quietly packed up and left for lower-tax states. The analysis shows New York’s share of millionaires fell from 12.7% in 2010 to just 8.7% in 2022 — the steepest decline of any state in the country. As a direct result,