A new analysis shows New York and New Jersey have experienced [1] significant losses to their state tax bases as large numbers of residents moved elsewhere over the past decade.
The findings were published Tuesday by Unleash Prosperity, which examined migration trends using data from the Census Bureau and the IRS.
According to the report, New York saw a cumulative loss of $517.5 billion in resident income from 2013 to 2022.
New Jersey lost $170.1 billion during the same period.
THE GREAT ESCAPE: New data shows New York and New Jersey lost $687 billion in resident income between 2013 and 2022 as residents flee for a better cost of living in low-tax states. pic.twitter.com/pKkRHS7X7e [2]
— Fox News (@FoxNews) November 12, 2025 [3]
The study measures cumulative earnings that residents take with them when they relocate to another state, capturing income moved in the first year and in each subsequent year the former resident continues to live elsewhere.
The report was first highlighted by the New York Post.
Steve Moore, economist and co-founder of Unleash Prosperity, told FOX Business, “New York and New Jersey combined have lost two-thirds of a trillion dollars in net income and purchasing power over the last decade due to moving vans departing these states.”
He added, “This has been one of the greatest wealth losses for one region in American history. New Jersey and New York are being bled to death by low tax states in the South.”
New York recorded the largest loss of any state.
New Jersey ranked fourth among states with the biggest declines.
California experienced a cumulative loss of $370.1 billion in resident income over the same period, while Illinois recorded a loss of $315.2 billion.
The report also identified the states that saw the largest gains during those years.
Florida gained just over $1 trillion in resident income, the most of any state, and Texas recorded an increase of $290 billion.
The findings reflect long-term migration patterns documented over the past decade, in which states with lower costs of living and no income tax have experienced sustained population increases.
Unleash Prosperity’s Vote With Your Feet project compiles state-by-state migration and income data to track how Americans relocate and how those moves shift economic activity across the country.
The organization found that the states with the largest increases in resident income also posted the highest population gains.
Based on tax filing data covering the period from 2011–12 through 2021–22, New York experienced a net loss of 1.757 million residents to domestic migration.
California lost 1.632 million residents during the same period. Illinois recorded a net loss of 881,012 residents, while New Jersey saw a net decline of 350,111.
The states with the largest population increases during those years were Florida and Texas. Florida recorded a net gain of 1.591 million residents.
Texas gained 1.268 million residents. North Carolina posted the third-largest increase, gaining 520,615 residents.
The data reflects long-term demographic and economic shifts that have affected multiple regions of the country.
States with high outbound migration have continued to see declines in both resident income and population, while states experiencing inbound migration have seen increases in both categories.
The study indicates these patterns have persisted over multiple years and show no sign of reversing based on the most recent data available.
It’s starting to feel like 1975 all over again in New York City.
If Zohran Mamdani wins, the exodus of talent and capital will accelerate, and Wall Street may soon find a new home in Dallas.
New York has already lost $500 billion in income over the last decade. High taxes and… pic.twitter.com/2wy2oSyCfs [4]
— Stephen Moore (@StephenMoore) November 4, 2025 [5]