NYC exodus continues: how to move your company out of New York and keep your EIN [step-by-step]

Attorney and CPA Chad D. Cummings presents this powerful presentation on New York’s shrinking share of the nation’s millionaires. The Citizen Budget Commission, a nonpartisan fiscal watchdog, found that New York’s share fell from 12.7 percent in 2010 to 8.7 percent in 2022, the steepest decline of any state. Had New York maintained its 2010 share, the state would have collected $10.7 billion more in personal income tax revenue in 2022 alone. The top one percent of earners pay approximately 45 percent of all state income taxes. When those earners leave, nearly half the income tax base leaves with them. Mayor Zohran Mamdani responded by filming a video outside Ken Griffin’s $238 million Manhattan penthouse announcing the pied-à-terre tax, projected to raise $500 million per year. The departures are costing $10.7 billion. The ratio is 21 to 1. For every dollar the new tax generates, the millionaire exodus removes twenty-one dollars from the state’s income tax base. New York has lost more residents to every other state than it has gained from any of them, with Florida and Texas as the top destinations. A taxpayer earning five million dollars in New York City owes approximately $700,000 in combined state and city income taxes. In Florida or Texas that figure is zero. Over ten years the difference is seven million dollars. The data show the cost of remaining has exceeded the cost of leaving. Learn more about transferring your company out of NYC: https://www.cummings.law/redomestication/move-business-out-of-new-york/