The numbers, when you really look at them, are kind of staggering. From 2013 to 2022, New York and New Jersey collectively lost nearly $700 billion in resident income. That’s a huge chunk of change, and it’s all tied to a pretty clear trend: people leaving for greener, or at least, lower-tax pastures.
It’s hard to ignore the impact. The exodus, as some are calling it, has been heading south and west, primarily to states like Florida and Texas. These states, with their lower tax burdens, have become magnets, drawing in residents and, crucially, their income. It’s a direct hit to the economies of New York and New Jersey, and the repercussions are rippling out in all sorts of ways.
Consider this: the migration isn’t just a trickle; it’s a flood. The details come from various reports, but the overall picture is consistent. The money isn’t just disappearing; it’s being reallocated. And it seems to be accelerating, too.
Meanwhile, the reasons why are pretty straightforward. High taxes in New York and New Jersey are often cited as the primary driver. As one financial analyst put it, “People vote with their feet. And in this case, they’re voting for lower taxes and a potentially lower cost of living.”
Earlier today, I was talking to a former resident of New York, who recently moved to Texas. She said, “It wasn’t an easy decision, but the taxes were just too much. I felt like I was working half the year just to pay them.” That sentiment, I suspect, is echoed by many others.
But the story isn’t just about the money, is it? It’s also about the communities left behind. The loss of income affects everything, from local businesses to public services. It’s a complex issue, with no easy answers. It seems like a lot of people are rethinking their priorities, their finances, and where they want to call home.
By evening, I was still thinking about that figure: $700 billion. It’s a lot of money, a lot of people, a lot of change. And the story, it seems, is far from over.
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