10 of New York’s 72 Billionaires Have Left Due to Taxation Since 2019
New York has lost 10 billionaires over just the last four years, with many leaving for the obvious reasons: taxes are too damn high. The move can save “tens of millions” in taxes annually for those moving, according to an exclusive by the NY Post.
The Post noted that 62 New York-based billionaires appeared on the Forbes 400 list, compared to 72 in 2019 and 65 in 2022.
Josh Harris, an investor and the owner of the Washington Commanders, saw his net worth rise from $5.7 billion to $6.9 billion and has chosen to move to Florida, the report says.
Additionally, in the last four years, other wealthy individuals like hedge fund manager Daniel Och, currently worth $3.6 billion, and investor Carl Icahn, with a net worth of $6.9 billion, have also shifted from New York City to Florida.
The NY Post reported that New York’s tax revenue is heavily dependent on its wealthiest 1% of taxpayers, who contribute 42% of the total tax receipts. Billionaires in the state are subject to the highest tax bracket, facing a substantial tax rate of 14.8%.
