Manhattan Loses $922 Million AGI as Wealthy Filers Exit Despite Leading U.S. in New Returns
Updated
Updated · Fox News · Jul 10
Manhattan Loses $922 Million AGI as Wealthy Filers Exit Despite Leading U.S. in New Returns
1 articles · Updated · Fox News · Jul 10
Summary
$922 million in adjusted gross income left Manhattan between 2022 and 2023 even though the borough added more new tax filers than any U.S. county.
IRS migration data showed the newcomers earned less than the high-income households who departed, highlighting why income migration can matter more to tax revenue than raw population gains.
17,109 net filers left Queens and 16,319 left the Bronx, while Nassau and Suffolk also ranked among the 10 biggest county outflows; all top 10 losses were in New York or California.
Florida and Texas were among the main destinations, reinforcing a broader shift of affluent taxpayers toward lower-tax states as officials weigh the fiscal and political stakes ahead of the 2026 midterms.