More than 2 thousand millionaires left New York during the coronavirus
Wealthy New Yorkers have left New York City in droves during the COVID-19 pandemic, according to the Internal Revenue Service. The number of New Yorkers whose income exceeds $1 million a year fell by 1,3%. That is, more than 2 thousand millionaires left the metropolis.
Experts believe that the reason for the exodus of wealthy people was the so-called “millionaires tax.” Let me remind you that in 2018, former New York Governor Andrew Cuomo increased the top tax rate from 8,82% to 9,65%. These policies made New York the highest-taxing state in the country.
Author Denis Cheredov
