A new city analysis shows that a huge chunk of high-income earners fled in 2020. Yet progressives refuse to hear the alarm bell: They’re pushing to “tax the rich” yet again instead.
The study by the city’s Independent Budget Office shows a 10% plunge in taxpayers who made over $750,000, and 6% of those with incomes between $150,000 and $750,000.
There's more:
Meanwhile, the top 1% of taxpayers accounted for 45% of the city’s total income-tax liability in 2020; they’re the ones most sensitive to high taxes (the bottom 50% accounted for less than 4%).
Good luck are collecting that tax.
