Poking a giant hole in the persistent theory that wealthy people won’t want to live in states that require more from them in taxes, the number of New Yorkers reporting more than $1 million in income grew by about 3% after the tax rate was raised, the SOI data shows.

Amazing! Once again they are proven wrong.

millionaires not BILLIONAIRES, they are the sole welfare babies whining about it.

They moved there cuz the less crybaby millioniares knew the standard of living would have been nicer there and be a more stable environment.

Rich people only pay taxes when they sell assets. Their “income” is usually loans against those assets.

Their rich do not contribute, they extract. That’s how they became rich. They need us, our cities, our labor, and our tax funded infrastructure to run their businesses. That’s why they come and that’s why they won’t leave.

They want to live where its nice and safe and clean. Well high taxes goes to that so why would they leave to places with lower tax and higher crime and grime?

The rich benefit when services are provided that keep the non rich around. It increases community vitality, food is better c culture is better, overall life quality is better.

The rich should be taxed for their own good, they may not like it but it is absolutely in their best interest.

It's almost like millionaires generally like to be around civilization, places with infrastructure, and things to do. I'm shocked!

So the rich people lied to us?????

Same thing happened in 2023 when Massachusetts imposed a 4% millionaire tax. Everyone parroted that businesses would leave, but the opposite happened. People moved in and the number of millionaires increased overtime.

I would expect capital flight to be somewhat dose dependent but it's pretty clear it's a non-issue at the level of taxation we're discussing these days.

They just changed their main residence to their NYC apartment to avoid the property tax on second homes.

Rich people are full of shit? You don't say! 😱

What about billionaires?