By Dave Lucas
http://stream.publicbroadcasting.net/production/mp3/wamc/local-wamc-980776.mp3
Albany, NY – The debate goes on over whether a "Millionaire's Tax" is good or bad for New York State... Capital District Bureau Chief Dave Lucas has the latest chapter...
The seemingly never-ending discussion over New York's "Millionaire's tax"- which hits residents of the state who earn $500,000 or more a year - is still "on" --- and fresh data being collected and analyzed is feeding both sides of the argument:
A new report issued by the Empire Center for State Policy says there's been a "mass exodus" - 1.6 million taxpayers have fled the state over the last decade - with millionaires likely included in that lot. New IRS data shows that of the 235,413 U.S. taxpayers who earned $1 million or more in 2009, 1,470 of them paid no taxes. The Center is out with a report that wealthy residents of ANY state are NOT likely to move if asked to pay higher taxes.The paper presents the argument that tax flight is a myth: higher state taxes bring more revenue, not more migration.
Observers say whether ANY state logs an increase or decrease in millionaires, it's difficult to prove that taxes are affecting population migration.