(The Center Square) — New York’s share of the nation’s millionaires is declining along with much-needed tax revenue for the state, according to a new report from a fiscal watchdog group.
The analysis by the nonpartisan Citizens Budget Commission found that New York’s share of the nation’s millionaires — or tax filing households with more than $1 million in federal adjusted gross income — plummeted 31% between 2010 and 2022, from 12.7% to 8.6%. Similarly, New York City’s share fell from 6.5$ to 4.2% over the same period.
While the number of millionaires in New York doubled during that period, other heavily populated states such as Texas, California and Florida saw their percentage of top earners triple, according to the report…