New York’s Rich Get Creative to Flee State Taxes. Auditors Are On to Them

Bloomberg reports:

Although the total number of taxpayers leaving New York and California from 2020 to 2022 was highest among low and middle-income people, the flight of the richest individuals has an especially large impact on budgets. People earning over $1 million each year made up just 1.6% of tax filers, but paid 44.5% of the state’s total personal income taxes in 2021, New York Comptroller Tom DiNapoli said in a recent report. In California, nearly half of the state’s income taxes come from the top 1% of earners.