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Home – New York Politics & News – Damning Reports Show How Deep New York Is Mired in Blue State Doom Loop

Damning Reports Show How Deep New York Is Mired in Blue State Doom Loop

New York isn’t going to be able to tax and spend its way out of this mess.

A series of recently released reports highlights how the state of New York has put itself on a long-term path toward calamity.

New York is caught in the same doom loop that’s entrapped California and other big, blue states that have squandered their wealth while setting themselves up for a future of decline and mass departures.

On Monday, the New York Post reported on research done by the Citizens Budget Committee that found that New York has seen an exodus of millionaires over the last decade. In fact, no state has seen such a decline since 2010.

“The state went from having 12.7% of all millionaires in the nation to 8.7%,” the Post reported.

Now, the more dimwitted leftists may take this moment to celebrate this as a win for equality as they tell the departing rich, “Bye, bye! Teehee.” But those with a room-temperature IQ will understand that this has created quite a dilemma for their entire political project.

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“New York’s declining share of high-income taxpayers has meaningful consequences,” the Citizens Budget Committee report noted. “Had New York maintained its share of the nation’s millionaires over the past decade, personal income tax collections would have been substantially higher – roughly $10.7 billion more in tax year 2022.”

The findings of the report account for data up to 2022, but there’s little sign that the taxpayer........

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