New York tax revenue falls nearly 20% while Florida, Texas gain (nypost.com)
New York state is reeling from a COVID-era exodus to low-tax locales as revenue during this fiscal year is down nearly 20%, according to a report.
New York has collected 19.5% less in levies while California has seen its state tax revenue fall by a whopping 24.9%, according to data revealed by Bloomberg News.
Meanwhile, Texas reported a 12.2% growth in state tax revenue while Florida has collected 9.9% more in levies so far this fiscal year, according to the data compiled by Urban-Brooking Tax Policy Center.
In Texas, the windfall has translated into a record $33 billion surplus, prompting Gov. Greg Abbott to seek tax cuts.
The disparity can be explained by the shrinking tax bases of New York and California.
Each state saw their populations fall by nearly 300,000 residents in the year ending last July — while Florida and Texas added 888,000 collectively, according to Census Bureau data.