Manhattan Loses $922 Million in Income Despite Leading U.S. in New Tax Filers
Updated
Updated · Fox News · Jul 8
Manhattan Loses $922 Million in Income Despite Leading U.S. in New Tax Filers
1 articles · Updated · Fox News · Jul 8
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 borough replaced departing high-income taxpayers with lower-earning newcomers, making income loss more important than raw filer gains for tax revenue.
New York's wider outflow was also severe: Queens lost 17,109 filers and the Bronx 16,319, while Nassau and Suffolk ranked among the 10 biggest county losses.
Florida and Texas were among the main destinations for departing households, reflecting a broader shift from high-tax states toward lower-tax states.
With the 2026 midterms approaching, the pattern is becoming a fiscal and political test for states that depend heavily on top earners to fund public services.