High taxes in New York continue to lead to migration from state

 Bloomberg:

Wall Street is thriving with its employees working remotely -- and that should worry New York’s policy makers, according to BlackRock Inc. Chief Executive Officer Larry Fink.

While BlackRock plans to remain in the city -- it’s moving its headquarters to a new skyscraper in Hudson Yards -- a fresh tax increase on the wealthy may encourage people to relocate, Fink said Thursday in an interview after the firm reported that assets under management eclipsed $9 trillion in the first quarter.

“There’s no question there are employees at our firm who are wishing to move to other locations because of taxes,” he said. “Every firm is seeing this.”

Read more: Guggenheim’s Minerd Moves to Miami as Firm Eyes Flexible Work

Some of New York’s most affluent residents fled to other parts of the state after the start of the pandemic, as well as Florida or Texas, which don’t levy income taxes. Several money-management firms, including Elliott Management Corp. and Citadel, are relocating their headquarters or opening offices elsewhere.

New York is raising taxes on its wealthiest residents as part of a budget deal struck earlier this month by Governor Andrew Cuomo and state lawmakers. The combined top rate for the highest earners in New York City -- who also pay a city income tax -- would range from 13.5% to 14.8%, the highest in the country.

Richest New Yorkers Risk New Tax Blow With Top Rate of Over 50%

New York’s move is the latest attempt to target the wealthy in the U.S. to fund budget shortfalls or future spending. The nation’s richest people continued to prosper even as the pandemic crippled parts of the economy.
...

New York's biggest problem is government greed.  Other states like Texas and Florida prosper by taxing less and spending less. The migration from New York and California is because of the high cost of liberalism.   People are leaving those blue states for some of the same reasons people came to America, to begin with.  There is greater opportunity in red states and they can have a higher standard of living.

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