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1h ago

Report: New York’s Share of U.S. Millionaires Has Slumped, Costing $13 Billion in 2022

The Citizens Budget Commission warns that slower growth of high‑income filers leaves budgets exposed because a tiny share of taxpayers supplies an outsized share of income‑tax revenue.

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Overview

  • New York’s portion of U.S. millionaire tax filers fell from about 12.7% in 2010 to roughly 8.6%–8.7% in 2022, and New York City’s share dropped from 6.5% to 4.2%, the report finds.
  • If the state had maintained its 2010 share, New York State and City would have collected over $13 billion more in 2022, including an estimated $10.7 billion for the state and $2.5 billion for the city.
  • While New York’s millionaire count roughly doubled to nearly 70,000, Florida quadrupled its total and Texas and California more than tripled theirs, pushing New York from second to fourth nationally.
  • Millionaires contributed about $34 billion in 2022 personal income taxes, accounting for roughly 40% of New York City’s PIT and 44% of the state’s, underscoring the concentration of revenue in a small group.
  • The analysis cites multiple causes beyond taxes—cost of living, quality of life and economic shifts—and notes IRS data showing a $14.1 billion adjusted‑gross‑income outflow from 2021 to 2022, fueling an election‑year policy debate.