The economic crisis generated by COVID-19 closures and emergency measures has prompted a tax reform on New York State, raising taxes to the wealthy, a measure that proved difficult to pass in the past.
The argument that supported the fear of wealthy residents fleeing high taxes and leaving the state was challenged by Sociology professor Cristobal Young‘s research that points out taxes were not a reason for the rich to change their residence. As reflected in an article by HuffPost "when it came to rebutting claims that tax hikes would prompt a mass exodus from New York, the research of Cornell University sociologist Cristobal Young...proved critical."
Most recently, Cristobal Young’s was quoted in an article in Bloomberg Wealth regarding the move from California to Texas by Elon Musk’s where Young pointed out that the change of residence is a way to “basically shirking his tax responsibilities,” while “California provided access to the talent he needed to build the company.”
Scholars Strategy Network features an article as well as media outlets that have quoted Prof. Young the the recent months. Read the full articles bellow:
Bloomberg Wealth News, November, 29, 2021. Elon Musk’s California Exit Can Save Him $2 Billion in Taxes. The billionaire’s sale of multiple homes was a crucial step in fleeing the high-tax state.
Scholars Strategy Network April, 2021. "Scholar’s Research Proves Critical in Push for NY Millionaires Tax."
Huffpost, April 2021, "New York Raises Taxes On The Rich As State Shifts Leftward."
Bloomberg. March 2021. “Wall Street A-Listers Fled to Florida. Many Now Eye a Return.”
New York Daily News. February 2021. “The Truth about Millionaires and Taxes.” Op-ed.
New York Times. February 2021. “Is New York Finally Ready to Tax the Rich?”
New York Times. September 2020. “Deal Reached in N.J. for ‘Millionaires Tax’ to Address Fiscal Crisis”
L.A. Times. November 2019. “The Wall Street Journal say the Rich are Fleeing California, but the Flight is a Trickle”
New York Times. July 2019. “State and Local Taxes Are Worsening Inequality” (editorial board essay)
