In 2013, New York lost more taxpayers than any other state in the nation according to IRS data released this week. As we recently pointed out, 114,929 people left the Empire State, taking with them $5.7 billion in annual adjusted gross income (AGI).
Upon learning about the mass migration of taxpayers fleeing to more friendly states, Governor Andrew Cuomo’s office responded by saying the data “wasn’t fair because it didn’t include migration into the state.”
He continued, “Looking at one-half of the equation is not how you do math.” We agree. Which is exactly why we used outflow and inflow data, provided by the IRS.
Here’s how that math works.
The New York state-to-state migration data is broken down by state outflow and inflow. Three data points are provided: number of tax returns, number of exemptions, and adjusted gross income (AGI).
Whereas the number of returns only represents the number of individuals that filed tax returns, the number of exemptions represents individual filers and their dependents. Parents would claim a child as a dependent, for example.
In calendar years 2012-2013, 386,395 exemptions were filed on 219,652 tax returns. That represents a loss of 386,395 individuals (half of the equation; outflow).
In calendar years 2012-2013, 271,466 exemptions were filed on 167,337 tax returns. That represents a gain of 271,466 individuals (the other half of the equation; inflow).
To simplify this even further for the math-challenged in Albany, 386,395 minus 271,466 results in a NET LOSS of 114,929 residents.
(Graphic from New York Post)
But you don’t have to take my word for it. Click this link to access the IRS data. The excel data is provided here.
New York remains…the biggest loser.