Exodus Great Northeast – How high -billion

New York and New Jersey lost $ 140 billion in income in only one decade.

It was called Moving Van Economics – and New York and New Jersey are the losers.

A new analysis from my institution, unleashing prosperity, finds that the latest data and income taxes that these two countries have lost more residents over the past decade more than any other state that has not been called California.

From 2015-2024, New York It lost 2 million people.

These are giant population losses from two leading industrial and financial centers in America throughout the twentieth century.

Governmental tax havens

These refugees in New York and New Jersey have often moved to the states of new power such as Florida, Tixas and Tennessee. These moving trucks explain the reason that the East South is now, for the first time ever, the economically dominant area in the country.

The most problem for New York and New Jersey is that the two engines take a lot of personal income and the power of purchase with them. From 2012 to 2022, New York lost $ 111 billion in income, while Jersey fell by more than $ 31 billion.

Since the income is lost forever – except for the rare cases in which these losses accumulate in exiles – these income losses accumulate year after year.

Why do many people leave the northeast?

Countless causes – crime, cost of living, better business opportunities, warmer weather, and yes, to save money on taxes.

New York, New Jersey and California are the three largest losers in the migration between the states, and they are only from the states that have the highest income tax additions in the United States. The largest winners of the winner like Florida and Texas have no income tax at all.

coincidence? questionable.

There is a warning mark that should flash. The place in America with the highest income tax is New York City. Now one of the main candidates for the mayor, Zahran Mamdani, He wants to raise the tax on the wealthy With other percentage points.

When does voters realize that you cannot impose taxes on a millionaire in New York after moving to Florida – and they choose any tax at all?

Stephen Moore is a co -founder of unleashing prosperity and former Economic advisor Trump.