A new analysis finds that the states of New York and New Jersey have lost billions of dollars from their tax base amid an exodus of residents in recent years.
Unleash Prosperity released a report on Tuesday that found New York lost $517.5 billion in resident incomes from 2013 to 2022, while New Jersey lost $170.1 billion in that period, according to data from the Census Bureau and IRS.
The report covers cumulative gains and losses in each state’s resident income, as a mover takes their income to another state for subsequent years – not just the first year after their move. The report was first covered by the New York Post.
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“New York and New Jersey combined have lost two-thirds of a trillion dollars in net income and purchasing power over the last decade due to moving vans departing these states,” Steve Moore, economist and co-founder of Unleash Prosperity, told FOX Business.
“This has been one of the greatest wealth losses for one region in American history. New Jersey and New York are being bled to death by low tax states in the South,” Moore added.
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New York’s losses were the largest of any state, while New Jersey’s losses ranked as the fourth-most among the states.
The other states that lost the most in resident incomes over that period were California, which lost $370.1 billion, and Illinois, which lost $315.2 billion.
States that saw resident incomes grow the most in the 2013 to 2022 period were Florida, with a gain of just over $1 trillion, and Texas, which saw a $290 billion uptick.
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Unleash Prosperity’s Vote With Your Feet project tracks how Americans and their money move between states year-over-year and found that those states have seen the biggest gains and declines in recent years.
Based on tax filing data from the 2011-12 period through 2021-22, New York lost a net 1.757 million residents to domestic migration, while California lost 1.632 million, Illinois 881,012 and New Jersey 350,111 over that period.
Over that period, the biggest population gainers were Florida with 1.591 million and Texas with 1.268 million – more than double the third-ranked state with North Carolina gaining 520,615 residents in that period.
