Cortland Standard: IRS data confirms $10B income loss as New Yorkers leave the state

April 2nd, 2026

Upstate United Executive Director Justin Wilcox released a statement that said IRS data validates the state’s affordability crisis.

Wilcox said the IRS data, presented by Albany Times Union, is alarming but timely as lawmakers continue negotiating this year’s fiscal plan. He said the data showed that nearly $10 billion in taxable income was lost due to the significant outmigration of New Yorkers between 2021 and 2022.

“This figure not only validates the concerns we have raised about New York’s affordability crisis and its ability to remain competitive but also underscores the need for lawmakers to reject any new taxes in this year’s enacted budget,” Wilcox said. “Otherwise, we are bound to see yet another exodus of New York’s highest earners.”

Wilcox said while a consistent revenue source of taxable income moves to more welcoming and affordable states, New York’s financial plan continues to rise by billions of dollars.

“The consequences of failing to provide necessary relief to overtaxed New Yorkers are real. If state leaders do not address affordability, the already struggling families and businesses will be left to foot an ever-increasing bill,” Wilcox said.