New York State Loses $11 Million per Day to Tax Migration
“How Money Walks” Releases New Compelling Data on American Taxes
NEW YORK, Aug. 13, 2013 /PRNewswire/ — New York State loses nearly $4 billion in adjusted gross income (AGI) per year, according to new data compiled by Travis H. Brown and featured in How Money Walks. Between 1995 and 2010, New York lost $58.6 billion in income, enough to build 39 Yankee Stadiums, according to IRS data compiled in the book.
Upon the release of the latest data from How Money Walks, readers have gained access to new and unseen data on how American citizens choose to live and spend based on tax rates. Mr. Brown and his team at Pelopidas, LLC, now provide 18 years of data (1992-2010) for American income migration and 25 years of data (1985-2010) for population migration.
“How Money Walks paints a compelling, irrefutable picture of how American incomes move today,” said Dr. Arthur Laffer, a leading economist and former economic advisor to President Ronald Reagan. “With these recently expanded data, we can gain even greater insight into how income tax rates affect where people and businesses locate.”
How Money Walks‘ in-depth, micro-targeted analysis is based upon data from the IRS and the United States Census Bureau. Following the recent expansion, the analysis now includes data for 134 million U.S. tax filers in 50 states and more than 3,000 counties. Via the web and a suite of smartphone apps, users can see – down to the local level – how taxpayers and their incomes move. Very frequently, the “winning” states are those with low or no income taxes, while the “losing” states are those that place high taxes on personal and small-business income.
Mr. Brown, author of How Money Walks, said, “Over the past 6 months, How Money Walks has become a serious conversation-starter at the dinner table for Americans dissatisfied watching more and more of their paycheck going to Uncle Sam. With our new data release, we can help state governments research this movement via their laptop, Android, or iPad, and hopefully keep their tax base healthy.”
“The availability and accessibility of these data make How Money Walks a game-changer – for legislators, economists, and anyone interested in the nation’s economic future,” said Dr. Laffer. “Now is the time to have this conversation about taxes and American income mobility, and How Money Walks allows us to do that.”
About How Money Walks
Between 1995 and 2010, millions of Americans moved between the states, taking with them over $2 trillion in adjusted gross incomes. Using official statistics from the IRS, How Money Walks explores the hows, whys, and impact of the massive movement of American working wealth from high tax states to low/no tax states. To learn more about “how money walks” in your state, and to download the app for your own use, visit www.HowMoneyWalks.com.
About Travis H. Brown
Travis H. Brown is a Missouri-based entrepreneur with a passion for helping cities and states grow via smart tax policies. Brown has been an asset to governors across the country as data from How Money Walks sheds light on economic losses at the state level. He is a frequent contributor to Forbes.com, and has appeared on various radio and television broadcasts such as Fox Business, CNBC, Newsmax.com, the American Entrepreneur, and CSPAN. As a state lobbyist who has advocated across 25 states over the last 20 years, his unique experience led his firm, Pelopidas, LLC (pronounced pe-LOP’ a dus), to find a way to share how working wealth was moving nationwide.
SOURCE Travis H. Brown