New York state lawmakers set to become nation’s highest-paid as state bleeds tax revenue
New York legislators Thursday passed a bill that would give themselves a 29% annual pay raise from $110,000 to $142,000. If signed by Governor Kathy Hochul, the bump would make New York state lawmakers the highest paid in the country, surpassing their California counterparts at $119,000.
“It’s a full-time job,” Democratic Senate Majority Leader Andrea Stewart-Cousins said, according to CBS News. “Sooner or later in order to be able to afford to do the job, we have to raise pay.”
On the same day the bill was passed, census data revealed that New York leads the country in population loss and emigration. Since 2020 the state, known for having one of the highest tax burdens in the country, has been losing residents – particularly the wealthy – to states with lower tax burdens, such as Florida and Texas.
In the last year, New York lost 180,341 residents, a 0.9% decrease in population. The state has lost nearly 400,000 people since the pandemic began, an exodus which is being blamed in part on the high tax burden.
The state’s “tax refugees” also include a staggering number of high-income earners. In 2020 alone the number of individuals earning more than $750,000 a year fell by 10%. This significantly impacted the state’s tax revenue, as the 41,000 filers in the top 1% pay more than 40% of the state’s income tax, according to Fox News.
According to the IRS, about 300,000 of New York City's wealthiest residents who left the city in 2020 collectively earned $21 billion in total income in 2021. IRS figures also showed the state lost $19.5 billion between 2019 and 2020 due to its outmigration.
While New York’s legislature is Democrat-controlled, Republican lawmakers have voiced opposition to the new pay raises.
“When I campaigned, I heard over and over again from voters that we don’t want career politicians. That’s what this is going to create,” Republican Assemblymember Mary Beth Walsh said.
State Senate Republican Leader Rob Ortt called the legislation "patently offensive to the people we represent."
