More taxes

Over the past fifteen years and increasingly so in the last five years, the movement of people and companies from high tax states to lower tax states has been in the news. One example that illustrates the point, is the trend of the financial industry moving from NY City to Dallas, TX. These moves are not just for tax savings but include a much lower overall cost of living. This is from Google AI: Overall, the cost of living in Dallas is significantly lower than in New York City, with expenses, particularly housing, roughly 50-60% less in Dallas. Average monthly rent $3,698 vs $1,295, Home prices $3 million vs $460,000, income tax 12% vs 0, corporate tax 22% vs zero. Big financial companies are moving there businesses out of NY City. Led by Apollo Global Management, Alliance Bernstein, Goldman Sachs and JP Morgan now have more of their business outside of NY City. Texas has surpassed New York in total financial service employment as of 2025. Since 2021, New York State has applied higher tax rates for individuals earning over $1 million, $5 million, and $25 million. As of April 2026, there are active, popular proposals for an additional 2% city income tax increase on residents earning over $1 million annually to address budget gaps. As taxes are raised on the rich, more move out and this creates more taxes on those who remain.