This Article Is About Home Buyers Leaving New York To Lower Taxed States and has been updated on November 3rd, 2021. We will leave the original article from October 15, 2020, unedited and continue with the update as of November 3rd, 2021.
New York continues to accelerate its problems. New Yorkers are still fleeing the state at an alarming rate. Mario Cuomo resigned due to multiple sexual harassment allegations. New York police officers and firefighters are protesting the city and state coronavirus vaccine mandates. Many New Yorkers are still fleeing the state at an alarming rate due to consistent high taxes, high home prices, political unrest, vaccine mandates, and no green light at the end of the tunnel. Property taxes keep on increasing with no cap in sight. With the exit of Mario Cuomo, we will see what the future will bring. Bill de Blasio is no longer Mayor of New York due to exceeding New York’s term limit cap.
Below is the original article from October 15th, 2020.
Home Buyers Leaving New York To Lower Taxed States due to the neverending tax increases. New York is one of the top states that is seeing a mass exodus of individual taxpayers and businesses to other tax-friendly states with affordable housing. Governor Cuomo and his allies seem incompetent in leading the state. Their only solution to cover the out-of-control spending is increasing taxes and/or creating new taxes. In this article, we will discuss and cover how home buyers leaving New York To Lower Taxed States with affordable cost of living and affordable housing.
Fact Versus Fiction About The Mass Exodus Of New Yorkers
http://www.youtube.com/watch?v=5y1nahuCt8E&ab_channel=Gustan Cho Associates-MortgageBankers
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 are 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
Homebuyers 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.nNew York elected Alexandra Ocasio-Cortez as their congresswoman in the Bronx who has proven herself to be America’s dumbest dingbat.
Cuomo addressed the press that tax revenues are coming in $2.3 billion below the expectations of just a month ago.
“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 2020 fiscal year which starts 1st April 2020. 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 limit 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 want 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 state. The top 1% of wage earners in the state are paying 46% of all state income taxes. Cuomo concedes that high-wage income earners are leaving the state for low-taxed states. In 2019, 61.5% of New York movers left the state
Population Data Of New York
Only 38.5% of new residents moved to New York. 41% of the New Yorkers who left had an 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 moving 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.
Home Buyers Leaving New York: 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 the government. Not everyone who migrated out of New York is 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.
Home Buyers Leaving New York: The Top States New Yorkers Are Moving To
The exodus of New York taxpayers fleeing the state is noot 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. Every day, countless New Yorkers leave the state to other states with lower taxes and lower costs of living.
The following states are the top low taxed states where New Yorkers are migrating to:
- North Carolina
- South Carolina
- West Virginia
High taxes force people to seek homes in other states. Lower taxed states attract new home buyers and residents and businesses. Democrats do not seem to get it. New Jersey has the highest property tax rates in the country. Many homebuyers 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.
November 3, 2021 - 5 min read