More proof that higher taxes actually leads to lower revenue here in the Empire State.
The Tax Foundation has developed an interactive tool known as the “migration calculator“, which uses data from the Internal Revenue Service to chart the number of individuals moving between states each year. It also calculates the effect these migrations have on tax revenue.
New York it seems, has hemorrhaged residents at an alarming rate, and despite it’s exorbitant tax rates to generate revenue, has actually lost $45.6 billion in income because of the migration.
According to CNSNews, New York accounted for the largest number of residents lost between 2000 and 2010, with 3.4 million leaving the state for greener pastures. During that same period, 2.1 million people came to New York, resulting in a net loss of 1.3 million residents.
The result? Nearly $50 billion in lost income.
The article reports that a majority of New Yorkers set out for Florida, taking advantage of the fact that the Sunshine State does not impose an individual income tax, an estate tax, or an inheritance tax.
Here is a summary of what New Yorkers endure tax wise:
New York State has a progressive personal income tax rate ranging from 6.45 percent to 8.82 percent for those earning over $2 million. Sales varies by county, and is between seven and eight percent. In Manhattan, the sales tax is 8.875 percent.
According to the Retirement Living Center, which examines tax burdens by state for those nearing retirement, New York also levies a gasoline tax at 49.0 cents per gallon and a cigarette tax of $4.35 per pack, along with an additional $1.50 per pack in New York City.
New York is also one of 17 states plus the District of Columbia that collects an estate tax, with a $1 million exemption and a progressive rate from 0.8 percent to 16 percent.
And yet progressives in New York continue to call for higher taxes, particularly on the rich, meaning fewer people will remain and wealthy entrepreneurs will take their businesses with them.
Let’s drop the i-word…. and add the f-word – Fraud.
Via Doug Ross:
Just when you thought your outrage-meter had pegged the needle, you come across a brand new atrocity courtesy of a government that is completely out-of-control.
…Investigative television reporter Bob Segall of Indianapolis NBC affiliate WTHR TV Channel 13, was contacted by a long-time central Indiana tax preparer, who blew the whistle on a multi-billion dollar tax fraud about which the IRS has done nothing, according to the TV news show video segment that aired on Monday.
“There is not a doubt in my mind there’s huge fraud taking place here,” he said, slowly flipping through the pages of a [heavily redacted] tax return… “We’re talking about a multi-billion dollar fraud scheme here that’s taking place and no one is talking about it,” he said.
The scheme involves illegal immigrants that are filing tax returns, claiming child credits for multiple dependents under their support in “their” U.S. household, and collecting enormous cash refunds–such as one persons tax return that showed income of over $14,000, who collected a cash refund of over $10,300.
A multi-billion dollar fraud scheme designed to benefit illegal aliens? Now, why would the Obama administration turn a blind eye to such activity? Oh yea… it’s an election year.