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Home Buyers Leaving New York To Lower Taxed States

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This BLOG On Home Buyers Leaving New York To Lower Taxed States Was PUBLISHED On February 11th, 2019

Rumors of Home Buyers Leaving New York to lower taxed states have been floating around for many years.

  • Fox News Anchor Sean Hannity, a resident of New York, has been talking about leaving New York and relocating to Florida for many years
  • There is rumors that President Donald Trump will be setting his primary residence in Florida and leaving New York
  • Rumors Home Buyers Leaving New York to lower taxed states is not just rumors
  • It has become a reality. Governor Andrew Cuomo confirmed that The Wealthy is Leaving High-Tax New York

Cuomo confirmed that due to home buyers leaving New York to lower taxed states, it has affected tax revenues for the whole state.

Home Buyers Leaving New York Due To High Taxes

Home buyers leaving New York not just because of high home prices and high property taxes.

  • New York has one of the highest sales taxes and regulations out of any state in the country
  • Even with high New York taxes, the state is still broke
  • Unlike other states who are financially healthy, New York seems to get into a deeper deficit every year
  • It is to no surprise that the state is in a mess
  • First and foremost in saving the state is getting incompetent politicians like Bill de Blasio, Senator Chuck Schumer, and Andrew Cuomo out of office
  • New York elected Alexandra Ocasio-Cortez as their congresswoman in the Bronx who has proven herself to be America’s dumbest ding bat

Cuomo addressed the press that tax revenues is coming in $2.3 billion below the expectations of just a month ago.

Cuomo stated:

“That’s as serious as a heart attack.”

Why Home Buyers Leaving New York To Other States

The state of New York has budgeted $176 billion for the coming 2019 fiscal year which starts 1st April 2019.

  • Out of the $176 billion, $100 billion comes from federal funding
  • This translates to a 3% deficit after one month
  • Andrew Cuomo is quick to blame The Trump Administration’s new federal tax cuts
  • New federal tax laws limits New York tax deductions to $10,000
  • Andrew Cuomo also blames the shortage in tax revenues due to the volatility of the stock markets
  • New York is a very blue state
  • The liberal thinking of most politicians is taxing the rich
  • No matter what President Trump did to stimulate the economy through tax cuts will not fly with Cuomo and New York Democrats
  • Cuomo and the gang really wants to increase taxes on the rich
  • But they are fearful that the rich will be leaving the state

New York needs funds asap to offset the shortfall in tax revenues.

Cuomo said the following recently at a press conference:

“I don’t believe raising taxes on the rich. That would be the worst thing to do. You would just expand the shortfall. God forbid if the rich leave.”

New York Tax Code

New York already has one of the highest tax rates out of any states.

  • The top 1% of wage earners in the state is paying 46% of all state income taxes
  • Cuomo concedes that high wage income earners are leaving the state for low taxed states
  • In 2018, 61.5% of New York movers left the state

Population Data Of New York

Only 38.5% of new residents moved in in to New York. 41% of the New Yorkers who left had income of greater than $175,000 per year. 8% of the New Yorkers who left had incomes of $65,000 or less.

  • From a period of 2012 to early 2018, the state of New York has over 1.0 million NET residents move out of the state
  • This is the highest amount of people moving out of any one state in the U.S.
  • California and Illinois are two other top states that lost residents due to high taxes and incompetent politicians

Illinois and California lost 1 million residents from 2008 to 2016. New York lost 1.4 million people.

Taxing The Rich Is Dangerous Move By Incompetent Politicians

To save New York from financial disaster, New Yorkers need to elect competent politicians.

  • Bronx residents recently sent Alexandra Ocasio-Cortez
  • She is a national laughing stock and makes Elizabeth Warren look sane
  • Her ideology in taxing 70% on America’s wealthiest is not what drives revenues to government
  • Not everyone who migrated out of New York are wealthy
  • However, a substantial percentage are
  • Recent tax code changes in deductibility of federal taxes did not help states with high taxes like New York
  • Wealthy folks have more choices than those who are not wealthy
  • One of the choices they have is to move out of New York if taxes become ridiculous

This is exactly what is happening in New York.

Top States New Yorkers Are Moving To

Home Buyers Leaving New York is not just because of real estate prices and property taxes. It is also because of the high cost of living in New York as well as sales and income taxes. Everyday, countless of New Yorkers leave the state to other states with lower taxes and lower cost of living.

The following states are the top low taxed states where New Yorkers are migrating to:

  • Florida
  • Texas
  • North Carolina
  • South Carolina
  • Tennessee
  • Indiana
  • Kentucky
  • Mississippi
  • Georgia
  • Ohio
  • Michigan
  • Colorado
  • West Virginia
  • Alabama

High taxes force people to seek homes in other states. Lower taxed states attract new home buyers and residents and businesses. Democrats does not seem to get it. New Jersey has the highest property tax rates in the country. Many home buyers in New Jersey are buying homes in other states. California, the largest state in the union, has high state taxes like New York. Not only are residents moving out of the state but businesses as well. 

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