New York Gov. Kathy Hochul said she wouldn't support raising taxes in the Empire State, warning the ripple effect could drive residents and their tax dollars to places like West Palm Beach.
The response came during an interview with Dan Mannarino on WPIX-TV, where Hochul was asked about assemblyman and Democratic socialist Zohran Mamdani, who is running for mayor of New York City. Mamdani's campaign platform includes taxing the wealthiest 1% of New Yorkers.
Hochul asserted she didn't want to lose any more residents to the Sunshine State.
“I’m not raising taxes on people at a time when affordability is the big issue,” Hochul said. “I don’t want to lose any more people to go to Palm Beach. We’ve lost enough.”
According to the U.S. Census Bureau, more than 91,000 New Yorkers moved to Florida in 2022.
Along with its favorable climate, Florida has no state income tax. New York, on the other hand, has a top marginal tax rate of 10.9% for its top earners.
A report found that Palm Beach County, home to West Palm Beach, was one of two South Florida counties to bring in a significant number of high-level earners from New York, the other being Miami-Dade. The report also indicated more than $9 million in income shifted from New York to South Florida.
Overall, New York has one of the highest tax burdens of all states in the country.
"We've lost enough. We had a major out-migration," Hochul added.
The Democratic governor emphasized the importance of keeping New York's wealthiest, noting that their taxes are "appreciated." She also pointed out a need for "smart" tax policy, not one that pushes the rich to leave.
“I don’t want to give anyone else who’s supporting our economy, and their taxes are appreciated,” Hochul said.
“Driving them to Florida does not help us. So let’s be smart about this,” she added.
