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Last Updated, Aug 7, 2026, 2:22 AM
Commentary: Proposed tax hikes, in NYC and elsewhere, spur wealth flight


Nicole Huyer and Ethan Scroggins

A new report from the nonprofit Citizen Budget Commission reveals that New York lost more than $10 billion in personal income tax revenue for fiscal year 2022. The problem is clear: High-income earners and business owners are fleeing.

The Big Apple’s high taxes, oppressive regulations, and policymaker’s hostile rhetoric have pressured businesses and wealthy New Yorkers to seek refuge elsewhere.

New York City Mayor Zohran Mamdani is exacerbating the problem.…

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