Upstate United: Latest Findings from Citizens Budget Commission Raises Questions About New York’s Competitiveness

May 1st, 2025

The following statement can be attributed to Justin Wilcox, Executive Director of Upstate United

“Yet another data-driven analysis by the reputable experts at the Citizen Budget Commission (CBC) paints a bleak reality for New York City’s ability to compete with other parts of the country when it comes to affordability and quality of life. With some of the highest taxes in the nation, it’s no surprise that New York residents and businesses continue to seek alternative places to call home.

“From 2010 to 2022, New York State’s share of millionaires declined by 4%, a loss more than any other state in that same time. If the 2010 level remained the same, New York City could have received $2 billion more in personal income tax revenue in 2025. Similarly, in only the five years, from 2018 to 2022, a net 30,000 New Yorkers left the city for two counties in Florida, taking a combined $9.2 billion in income with them. In their analysis, the CBC stated that other states are doing better at attracting, retaining, and growing millionaires than New York – and they are absolutely right.

“It cannot be a coincidence that New York State has seen significant population loss while leading the nation in overall tax burden. This type of data should give every state legislator and leader pause as to how and why these significant losses in revenue and residents continue, especially as the state’s financial plan remains in limbo. Policymakers must push back on new or hidden taxes and, ultimately, get New York back on the map as a competitive, strong place for families and business owners alike.”