Nonpartisan watchdog suggests New York would benefit from more millionaires

The Citizens Budget Commission (CBC), a nonpartisan think tank, argued that millionaires are crucial to funding New York City's critical services and the city should work to retain them.

“Millionaires are critical to New York’s tax base. In 2012, they comprised less than 1 percent of New York State’s and New York City’s resident filers, yet paid 44 percent and 40 percent of State and City’s personal income taxes, respectively,” the CBC said in a Thursday report.

“New York’s millionaires are critically important to the fiscal and economic viability of New York. There is perhaps no better way to fund critically needed services than to retain and grow millionaires in New York,” the group added.

"Not retaining, attracting, or increasing the number of millionaires has an unseen cost," the re