IT WOULD TAKE A HEART OF STONE NOT TO LAUGH: NY sees dramatic exodus of millionaires — causing nearly $11B loss in tax revenue.

New York’s share of US millionaires dramatically declined in recent years, causing a nearly $11 billion loss in much-needed tax revenue in just one year, according to a bombshell new analysis.

The study released Monday by the Citizen Budget Commission showed the Empire State’s share of the nation’s millionaires dipped from 12.7% to 8.7% between 2010 and 2022 – the largest decline of any state.

“New York’s declining share of high-income taxpayers has meaningful consequences,” the analysis states.

“Had New York maintained its share of the nation’s millionaires over the past decade, personal income tax collections would have been substantially higher – roughly $10.7 billion more in tax year 2022.”

The study comes amid fears that Mayor Zohran Mamdani’s push to “tax the rich” will drive even more wealthy out of New York City – and provides an at-times disquieting snapshot of stagnation gripping the Empire State for years before the young socialist took office.

I had been assured that Other People’s Money was an unlimited resource.

Since the trend predates Mamdani, it makes you wonder how bad things will get once he really gets the city on the path to True Communism.