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New York Faces Tax Revenue Risks Due to Declining Millionaire Population
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MillionairesUS News
Updated 20 hours ago

New York Faces Tax Revenue Risks Due to Declining Millionaire Population

New York's millionaire population has decreased from 12.7% in 2010 to 8.7% in 2022, raising concerns about potential tax revenue losses. The Citizens Budget Commission warns that this decline could result in billions in lost funding for essential services, emphasizing the importance of retaining wealthy residents for the city's financial health.

Related Articles
New York needs more millionaires — or it could lose billions in tax revenue, fiscal watchdog says
New York Post20 hours ago
New York needs more millionaires — or it could lose billions in tax revenue, fiscal watchdog says
NegativeU.S News
New York has seen a significant decline in its millionaire population, dropping from 12.7% in 2010 to 8.7% in 2022. This decline could lead to a loss of billions in tax revenue, according to the Citizens Budget Commission.
Editor’s Note: The decrease in millionaires in New York is concerning because it directly impacts the state's tax revenue. With fewer high-income earners, the state may struggle to fund essential services and programs, highlighting the need for policies that attract and retain wealthy residents.
Read full article
via New York Post
Nonpartisan watchdog suggests New York would benefit from more millionaires
The Hilla day ago
Nonpartisan watchdog suggests New York would benefit from more millionaires
PositiveU.S News
The Citizens Budget Commission suggests that New York City would benefit from retaining more millionaires, as they play a vital role in funding essential services through taxes.
Editor’s Note: This matters because millionaires contribute significantly to the city's tax revenue, which supports critical public services. Retaining them could enhance the city's financial stability and service quality.
Read full article
via The Hill

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