In 2023, New York saw a slight increase in the number of taxpayers reporting personal income of $1 million or more, totaling 86,216 returns. This figure reflects a notable growth since before the pandemic, rising over 50% since 2016. Millionaires, while comprising fewer than 1% of taxpayers, contributed significantly to state revenue, accounting for 41% of personal income taxes. Despite the increase in high-income earners, overall personal income tax collections decreased to nearly $54 billion in 2023-2024 from about $59 billion the previous year.
The 2023 data shows a minor increase in New York taxpayers reporting over $1 million in income, and highlights the significant impact of high earners on tax revenues.
With less than 1% of taxpayers being millionaires, they contributed a striking 41% of all personal income taxes collected in New York.
Collection
[
|
...
]