Hochul Rejects Higher Taxes on New York’s Wealthy After 12.7% to 8.7% Millionaire Share Drop
Updated
Updated · Fox News · Jul 15
Hochul Rejects Higher Taxes on New York’s Wealthy After 12.7% to 8.7% Millionaire Share Drop
3 articles · Updated · Fox News · Jul 15
Summary
New York Gov. Kathy Hochul said she opposes raising taxes on high-net-worth residents and companies after being pressed over a study showing the city’s share of U.S. millionaires fell sharply.
The Citizens Budget Commission said New York’s millionaire share dropped from 12.7% to 8.7% between 2010 and 2022, a decline it estimated cost the state roughly $10.7 billion in 2022 income-tax revenue.
Hochul argued the exodus was driven mainly by the federal cap on state and local tax deductions and by the COVID-19 pandemic, when some affluent residents shifted permanently to places like Palm Beach.
She contrasted her approach with calls to 'tax the rich,' saying she wants to 'expand the pie' and keep businesses and wealthy taxpayers from leaving as New York City faces budget strain.
Asked about a proposed pied-a-terre tax and slow sales of $10 million-plus apartments, Hochul said the levy should target nonresident owners of $5 million second homes, not primary New Yorkers.