The private Citizen’s Budget Commission has served as a watchdog over New York’s finances for nearly 100 years. Its new report should send shivers down the spines of elected officials because it shows the Empire State lost the largest share of the country’s millionaires from 2010 to 2022.

If New York had not chased out its millionaires, it would be collecting about $10 billion more in taxes every year. That’s nearly equal to the amount Mayor Zohran Mamdani wants to increase taxes on the city’s high-income brackets and corporations.

But Mamdani is brushing off the news the way he would flick lint off his suit: “We live in the wealthiest city and the wealthiest country in the history of the world…and I believe that the wealthiest can do a little bit more to ensure that everybody can afford to live here.”

The figures above are through 2022, so if the past four years data were fully available, New York’s numbers would be much more dire. California’s gains would be much lower given the massive outmigration of income from that state in the last few years.

Three of the states with the biggest gains in millionaires – Texas, Florida, and Washington – had no income tax and no inheritance tax. Washington has now foolishly adopted both and the millionaires are jetting out of Seattle as quickly as they can sell their homes.