New Yorkers Going Galt, Leaving Empire State

I grew up in New York City, but have no desire to return. Liberty just aint what it used to be in the greatest city in the world.

From today’s NY Post, Tax refugees staging escape from New York (H/T Instapundit):

New Yorkers are fleeing the state and city in alarming numbers — and costing a fortune in lost tax dollars, a new study shows.

More than 1.5 million state residents left for other parts of the United States from 2000 to 2008, according to the report from the Empire Center for New York State Policy. It was the biggest out-of-state migration in the country.

The vast majority of the migrants, 1.1 million, were former residents of New York City — meaning one out of seven city taxpayers moved out.

“The Empire State is being drained of an invaluable resource — people,” the report said.

And why are they leaving New York?

The center, part of the conservative Manhattan Institute, blames the state’s high cost of living and high taxes.

Last year Rush Limbaugh made news when he announced he would no longer live in New York City due to the high taxation rate they were to impose on him. People respond to incentives.

Raising taxes will only hurt New York, as fewer and fewer people are able to pay:

What’s worse is that the families fleeing New York are being replaced by lower-income newcomers, who consequently pay less in taxes.

Overall, the ex-New Yorkers earn about 13 percent more than those who moved into the state, the study found.

Who is John Galt?

Advertisements
Posted in John Galt. Comments Off on New Yorkers Going Galt, Leaving Empire State
%d bloggers like this: