The New York Times reports today on a new study by the Independent Budget Office that found that in 2012, high-income households left New York City at the same rate as low-income households, indicating there was no mass fleeing of the rich to escape high taxes. Furthermore, those that did leave tended to go elsewhere in New York, or to Jersey, Connecticut, or California—none of which are known for low taxes.
As far as I can tell, the text of the report is not available online for examination. So we really will never know what the truth is. One assumption that can be made: NYT, if they did see such a report, would have colored it as favorably to high taxes as possible. And the City of NY, who purportedly issued the report, would, too.
At 500K, you're not talking about the kind of wealth that gives a person total flexibility. At 5M you may be. Also, those relocating to CT may be just trying to get a little way out of the city but still have access.
I call bullshit until real numbers are available. |
