ALBANY, N.Y. (NEXSTAR) — Critics of raising taxes on high earners often warn about "tax flight"—migration out of the state—a fear the Fiscal Policy Institute calls a myth. They analyzed 2023 tax data, concluding that New York State's 2021 tax hikes on wealthy residents didn't trigger any mass millionaire exodus.

For the majority of its revenue, New York relies on personal income taxes levied on compensation from labor and capital income from financial assets like stocks and bonds. In 2021, the state increased personal income tax rates.

Previously, wealthy taxpayers paid the same 8.82%. The state created new rates in 2021, implementing: • 9.65% after $1.08 million for single filers or $2.16 million for joint filers • 10.3% after $5 million • 10.8% after $25 million

Critics theorize

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