New York Losing Finance Jobs as High Taxes and Costs Drive Away High Earners
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New York's financial services industry is declining as high-income residents flee the state due to high taxes and cost of living.
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Texas, Florida, North Carolina, and Georgia have added many new high-paying financial services jobs in recent years, while New York's growth rate is very low.
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Each finance job supports nearly 3 other jobs, so loss of finance jobs hurts New York's whole economy.
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New York had the largest net loss of high-income residents to Florida in 2021, likely due to Florida having no income tax.
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The report urges New York to address taxes, business climate, and cost of living to maintain its dominance in finance.