In a moment that raised eyebrows across the political spectrum, New York Governor Kathy Hochul openly acknowledged what many critics have been saying for years: high taxes are driving wealthy residents—and their money—out of the Empire State.
Speaking candidly during a recent public appearance, Hochul lamented the steady exodus of high-income earners to low-tax states like Florida and Texas, where business climates are friendlier and government takes a smaller bite. But rather than proposing meaningful tax relief, the governor made a striking appeal—calling on “patriotic millionaires” to return to New York and help fund the state’s expansive social programs.
“I need people who are high net worth to support the generous social programs that we want to have in our state,” Hochul said. “Maybe the first step should be to go down to Palm Beach and see who you can bring back home.”
The plea, critics say, borders on tone-deaf.
After years of progressive policies, rising taxes, and increased spending—including controversial benefits for illegal immigrants—New York now finds itself grappling with a shrinking tax base. Unsurprisingly, many of the state’s top earners have voted with their feet, relocating to states where their success isn’t met with ever-increasing financial demands.
Hochul herself seemed to admit as much, noting that states with lower tax burdens are winning the competition for both individuals and businesses. “Remote work changed everything,” she said, acknowledging that professionals once tied to Manhattan offices are no longer “captives” of New York’s tax regime.
And yet, despite recognizing the problem, the governor stopped short of endorsing tax cuts. Instead, she appeared to double down on the idea that wealthy individuals should simply accept higher taxes as a civic duty—a message that hasn’t exactly proven persuasive.
For many, the irony is hard to ignore. Back in 2022, Hochul famously told critics unhappy with New York’s direction to “get out of town” and head to places like Florida. Now, as those same taxpayers have done exactly that, she’s asking them to come back—and bring their checkbooks with them.
Meanwhile, concerns about spending continue to mount.
Republican Rep. Mike Lawler recently confronted Hochul over the state’s use of taxpayer dollars to provide benefits to undocumented immigrants, including healthcare and driver’s licenses. Lawler argued that such policies are placing an increasing burden on hardworking New Yorkers already struggling with high costs of living.
“Under your watch, New York has spent billions providing free housing, food, and healthcare to illegal immigrants,” Lawler said. “Meanwhile, you’re charging hardworking New Yorkers thousands just to get to work.”
Pressed repeatedly, Hochul ultimately defended the policies, stating she would support them again.
That stance has only fueled criticism that Albany’s priorities are out of step with the realities facing everyday residents—and that the state’s fiscal challenges are largely self-inflicted.
With businesses eyeing relocation and high earners continuing to leave, New York’s financial future looks increasingly uncertain. And while Hochul’s call for “patriotic millionaires” may make for a memorable soundbite, it does little to address the underlying issue: people—and capital—tend to go where they’re treated best.
Until that reality changes, critics argue, New York may continue to watch its tax base slip away—one moving truck at a time.
