Episode 90: What’s So Creative about Destruction?
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New York's Tax Rates Are Among the Highest in the Country
In New York, income tax rates range between 4% and 8.82%. The low end of their income tax rate is like 33% higher than Pennsylvania's income tax rate. If you're not paying any taxes in New York, which doesn't have you moving to Florida, you might as well just stay in New York. So all the people are making busloads of money, those are the ones who will leave. And the people gobbling up resources, those are going to stay. This is going to end poorly for New York.
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