The nonpartisan Citizens Budget Commission said Thursday that while New York state nearly doubled its number of millionaire earners from 2010 to 2022, other states blew past it.

California, Florida and Texas all added millionaires at a faster clip — more than tripling their totals.

New York’s share of America’s millionaires has plunged 31% since 2010, draining billions from state coffers. BullRun – stock.adobe.com

That gap translates into real money. If New York had kept pace, the watchdog said, the state and city together would have collected an extra $13 billion in taxes in 2022 alone.

That slide has cost taxpayers dearly. If New York had simply held its ground, the state would have raked in an extra $10.7 billion in 2022 alone — and the city another $2.5 billion.

In 2021, the missed windfall would have topped $15.3 billion, thanks to soaring Wall Street gains.

Instead, New York has fallen from second to fourth in the nation for millionaire households, leapfrogged by Florida and Texas. California remains No. 1, but even high-tax California is adding rich residents at a far faster clip.

Florida quadrupled its millionaire ranks between 2010 and 2022, while Texas and California more than tripled theirs. Meanwhile, New York’s millionaire population merely doubled.

“People choose where to live based on a whole mix of factors,” Andrew Rein, the commission’s president, told The Post.

“Taxes matter, but so do quality of life, affordability, public services, and economic opportunities.”

Half of New York’s 70,000 millionaires live in the city, but their numbers are growing far faster in Florida and Texas. Iona – stock.adobe.com

Millionaires remain the linchpin of New York’s finances. They make up just 1% of taxpayers but generate a staggering 40% of city personal income tax revenue and 44% of the state’s.

In 2022, they contributed $34 billion to state and city coffers, including $28 billion from residents alone.

But their numbers are growing faster elsewhere. In 2010, New York City had as many millionaires as all of Florida. By 2022, Florida had 56% more.

“We see fewer millionaires moving here and more moving out,” Rein told The Post.

“New York just isn’t growing its share of top earners the way competitor states like California, Texas, and Florida are.”

The report warns New York’s “value proposition” has faltered: sky-high taxes, battered quality of life, crime worries, hybrid work and soaring housing costs have dulled the city’s appeal.

“Simply put, New York’s value proposition has not been attractive enough to keep up with millionaire growth nationwide,” the report concluded.

Making matters worse, Gotham now punishes its highest earners with the steepest tax rates in America. A New Yorker making $25 million a year pays 14.776% in state and city income tax, compared to 13.3% in California.

California, Florida and Texas all raced ahead of New York in millionaire growth over the last decade. Citizens Budget Commission

Even those earning $2.2 million pay more in New York than they would on the West Coast.

The findings land just nine weeks before voters in the five boroughs head to the voting stations to case their ballots in an election that has been consumed by concerns about affordability and inequality.

The Citizens Budget Commission’s push to hold onto wealthy New Yorkers echoes the arguments of Mayor Eric Adams and former Gov. Andrew Cuomo, who both say the city can’t afford to drive out its top earners.

“I don’t want to say to billionaires, ‘We don’t want you here,’” Adams said on a recent podcast.

“I know why we need them here: The money we make just on stock transfer taxes and bonuses, that actually impacts our budget.”

New York City’s highest earners now face the steepest personal income tax rate in America at nearly 15%. Bloomberg via Getty Images

Cuomo blasted rival Zohran Mamdani’s plan to slap a new 2% millionaire tax as “class warfare.”

Mamdani, the Democratic nominee, wants to use the money for free child care and free bus rides — and has gone so far as to declare that “billionaires should not exist.”

Rein told The Post that raising taxes could accelerate — and exacerbate — the trend of millionaires preferring other places to live.

“New York State and its localities have the highest taxes and the second-highest spending in the nation,” he said.

“We should be able to hold the line on taxes. Raising them could risk accelerating the trend of our shrinking share.”

The post New York needs more millionaires, fiscal watchdog says appeared first on Our Story Insight.

Yes, it led to the dreaded fiscal crisis of the mid- to late 1970s, near bankruptcy and a deep city recession that hit hard at the working class in the five boroughs and even the suburbs, including my own family in Westchester.

How the city fell into this fiscal abyss, which actually lasted a few years into the next decade, and climbed out is all laid out in gruesome detail in the extremely readable prose by Rich Farley, a lawyer who works on financial transactions.

He’s the author of “Drop Dead; How a Coterie of Corrupt Politicians, Bankers, Lawyers, Spin­meisters, and Mobsters Bankrupted New York, Got Bailed Out, Blamed the President and went back to Business as Usual (And it Might Be Happening Again),” released in April.

The title is a mouthful and it’s not 100% accurate.

New York City never declared bankruptcy.

More From Charles Gasparino

There’s a debate that it even technically defaulted on its debt when the trigger for the crisis — investors losing confidence in the city’s financial condition — boycotted buying city bonds.

But those are mere quibbles as I dive into this trenchant historical account of how Gotham — with all its wealth and commerce on Wall Street and real estate and then a lot more — was brought to the brink, a near Detroit-style fiscal meltdown.

Follow The Post’s coverage of the NYC mayoral race

In reading Farley’s work, it does dawn on me that for all the grease and grime of those years, the city was immensely savable.

The financial crisis did come to an end, but not until after a surge in crime because we couldn’t afford cops, arson (The Bronx was literally burning), and unemployment (people like my dad, who lost his construction job because of a halt to city infrastructure spending).

It was fixed, at least for decades, after the political leadership did re-establish itself as a stabilizing force.

The saviors

The saviors were people like Hugh Carey, the governor, who instituted reforms that repaired the confidence of investors and businesses.

And Mario Cuomo (yes, that Mario Cuomo), who would succeed Carey and keep a close eye on his hometown for three terms during what’s best described as a mini renaissance.

And an upstart US congressman named Ed Koch, who inspired confidence that the city must and could survive.

He ran for mayor on the slogan “How Am I Doin’?” and won three terms.

Don’t forget that federal prosecutor named Rudy Giuliani, who took on the mob and municipal corruption with equal zeal, set the stage for becoming mayor and ushered in a real rebirth in Gotham of low crime and a booming business community.

Here’s the latest on NYC mayoral candidate, Zohran Mamdani 

There was also an engaged business community — people like investment banker Felix Rohatyn — that wasn’t afraid to step up and say enough of the nonsense.

And here’s why I would love to turn back the clock, as crazy as that might sound.

None of the gumption shown by those civic and political leaders is evident anymore, as a more serious existential threat looms — worse than “Fat Tony” Salerno of Geno­vese fame, Tammany’s Carmine De­Sapio and graft in the Parking Violations Bureau.

Keep up with today’s most important news

Stay up on the very latest with Evening Update.

Thanks for signing up!

All of their lawlessness was snuffed out as the establishment re-established order.

The fiscal Armageddon I fear comes in the form of a smiling socialist named Zohran Mamdani, who just won the city’s Democratic mayoral primary over the son of the great Mario Cuomo.

Mamdani outhustled Andrew Cuomo at every turn.

Based on what we know, Mamdani seems like an honest fellow, which is good — and very, very bad.

Bad because he’s a noxious breed of politician who isn’t afraid to promote his weird behavior and sell it as gold to an uninformed electorate.

Even worse, no one in our political class or the business elite has ­really stepped up to call him out.

He wants to tax to death those businesses and wealth producers that remain and employ our working class.

He wants to give stuff out for free like bus rides.

He wants to socialize grocery stores.

He wants to defund the police, a sure recipe for more business flight.

He has not disavowed the phrase “globalize the intifada,” which many New Yorkers can reasonably interpret (as it was during those vile campus protests) as a form of antisemitism.

There are more than 1 million Jews living in the Big Apple, but how much did Cuomo make of Mamdani’s acquiescence to this sick rhetoric?

Very little.

NYC is still the epicenter of finance, the nation’s largest bank run by Jamie Dimon.

He has his headquarters and home here.

But not a word from America’s banker.

In this city and state led by Dems, seasoned politicians — people like Chuck Schumer, a Brooklyn assemblyman and later congressman who is now US Senate minority leader — have been quiet as a mouse, except for congratulating Mamdani on his victory.

Cuomo and Schumer should ask themselves if their precious political futures are worth not calling out this nonsense and angering the AOC wing of the party.

Business leaders need to ask themselves if the price of doing business here is worth allowing a lefty loon to run the epicenter of capitalism.

Our budget is in better shape from the morass of the 1970s.

If you look at the numbers as I do, NYC is always a recession away from trouble.

Couple that with rank socialist policies like defunding the police, and you see how things can and will go sideways if Mamdani wins — and you will miss the mess of the 1970s.

The post Zohran Mamdani’s fiscal armageddon could bring NYC back to the bad old days appeared first on Our Story Insight.