04/04/2017

People Are Fleeing New York At An Alarming Rate

Aaron Short, New York Post

More people are leaving the New York region than any other major metropolitan area in the country.

More than 1 million people moved out of the New York area to other parts of the country since 2010, a rate of 4.4 percent — the highest negative net migration rate among the nation’s large population centers, US Census records show.

The number of people leaving the region — which includes parts of New Jersey, Connecticut, the lower Hudson Valley and Long Island — in one year swelled from 187,034 in 2015 to 223,423 in 2016, while the number of international immigrants settling in the tristate area dwindled from 181,551 to 160,324 over the same period, records show.

The nation’s economy is improving, there are more jobs in cheaper places to live, and retirees are choosing to move to warmer climates, experts say.

“The historical trend is that out-migration grows when the economy is getting better,” said Empire Center for Public Policy research director E.J. McMahon.

“As the economy gets better, there are more jobs outside the region and by the same token . . . more people to buy your house if you’re a baby boomer looking to move to Boca Raton or Myrtle Beach.”

The New York metro area remains the most populous in the country with 23.7 million residents.

Americans have been increasingly relocating from the eastern US and the Rust Belt to cities in Florida, Texas and the Northwest.

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Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

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