The Empire State’s pool of adjusted gross income shrank by nearly $16 billion in 2021 compared to just two years ago — representing a major loss in potential tax revenue compared to pre-COVID levels, according to newly released data from the Internal Revenue Service cited by the Wall Street Journal.

The data shows New York lost a whopping $24.5 billion in state adjusted gross income in 2021 as residents relocated. That marked a major uptick from the state’s loss of $19.5 billion in 2020 and just $9 billion in 2019.

Much of that has wound up in Florida, which has seen a $10 billion windfall in 2021 stemming from newly arrived New York transplants, according to the data.

[Some of this is undoubtedly attributable to New York’s tax policies as well as its onerous COVID restrictions. Wealthy residents have fled, mainly for Florida but also Texas, both of which saw healthy increases in their tax base in the same period. But let’s not forget Hochul’s advice to conservatives who opposed Democrats’ tax, COVID, and social policies to “jump on a bus” if they didn’t like it in New York. Those who took that advice certainly haven’t forgotten it. — Ed]

Remember when the Governor of NY told us to get on a bus to Florida? We flew! https://t.co/E81ts3hx98 pic.twitter.com/e7GauuVq0a

— Karol Markowicz (@karol) May 2, 2023