A new report reveals New York has lost $10.7 billion in income tax revenue due to a millionaire exodus, as Mayor Zohran Mamdani suggests the wealthiest pay “a little bit more.” Heritage Foundation economist EJ Antoni critiques the strategy.
A new report from the Citizens Budget Commission shows New York’s millionaire population has shrunk, resulting in a $10.7 billion loss in income tax revenue in 2022. Mayor Zohran Mamdani argues wealthy New Yorkers should pay more to address poverty. Heritage Foundation economist EJ Antoni criticizes Mamdani’s approach, highlighting the ongoing exodus of high-net-worth individuals from the state.
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