Oh, this is brutal — but not surprising. New York and New Jersey are bleeding people, money, and economic influence at a staggering pace.
According to a new analysis by Unleash Prosperity, the two states have lost a combined $140 billion in personal income over the past decade. That’s not just numbers on a spreadsheet — that’s purchasing power, investment capital, and tax revenue packing up and heading for greener (and cheaper) pastures.
The raw numbers are jaw-dropping. From 2015 to 2024, New York alone lost 2 million residents — yes, 2 million. New Jersey bled out hundreds of thousands as well. These aren’t just retirees heading for sunshine; they’re working families and high earners taking their paychecks and tax contributions with them.
From 2012 to 2022, New York lost $111 billion in personal income, while Jersey dropped over $31 billion. And here’s the kicker: once they leave, that money’s not coming back.
So where’s everyone going? To the new economic powerhouses: Florida, Texas, Tennessee — places with booming job markets, lower costs of living, and oh, by the way, no state income tax. Meanwhile, New York, New Jersey, and California — the three worst-performing states in this migration sweepstakes — just happen to have the highest state and local income taxes in the country. Coincidence? Yeah, right.
Add in crime, sky-high living costs, and crumbling infrastructure, and you’ve got a perfect storm pushing people out of the Northeast.
And yet what are the politicians proposing as a solution? In New York City, one of the top candidates for mayor, Zohran Mamdani, wants to jack up taxes on the rich even higher — by another 2 percentage points. Because nothing screams “please don’t leave!” like threatening to take more of people’s money while they’re packing the moving truck.
Here’s the reality: you can’t keep taxing people who have the means to leave when they’ve already shown they’ll do exactly that. You can’t chase millionaires to Florida and expect them to keep footing your bill from the beach while paying zero state income tax.
New York and New Jersey have been economic giants for over a century. But if these trends continue? They’ll keep shrinking, while places like Florida and Texas eat their lunch.
