Millionaires Love NY: New IRS Data Shows New York’s Millionaire Population Grew Years After the State Raised Taxes on the Rich - Groundwork Collaborative

New York added nearly 2,000 millionaire tax filers in a single year, according to newly released IRS data. The agency’s 2023 Statistics of Income (SOI) data show the number of New Yorkers reporting more than $1 million in income grew about 3%, shortly after the state raised its top tax rate on high earners. Far from triggering the millionaire exodus warned about, the new figures cut at the heart of one of the most persistent arguments against millionaire surtax proposals.