- The Empire State’s pool of adjusted gross income shrank by nearly $16 billion in 2021 compared to just two years ago — representing a major loss in potential tax revenue compared to pre-COVID levels, according to newly released data from the Internal Revenue Service cited by the Wall Street Journal.
- The data shows New York lost a whopping $24.5 billion in state adjusted gross income in 2021 as residents relocated. That marked a major uptick from the state’s loss of $19.5 billion in 2020 and just $9 billion in 2019.
- Much of that has wound up in Florida, which has seen a $10 billion windfall in 2021 stemming from newly arrived New York transplants, according to the data.
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