Fact check: NYC has lost $11 billion in tax revenue in one year.

Verdict: mostly true — Trust Score 65/100

The post claims NYC lost $11 billion in tax revenue and Florida gained $21 billion from millionaire migration. While reports indicate NYC experienced a significant tax revenue loss (around $10.7-$11 billion) due to millionaire exodus in 2022-2023, and Florida gained approximately $21 billion in net adjusted gross income from interstate moves in 2023, the post's framing of 'Woke Socialist Policies' is an opinion. Furthermore, recent 2026 reports suggest Florida is now experiencing a millionaire exodus, contradicting the post's implication of continued gains. The post is confirmed by 6 sources.

Platform
threads
Source author
temp2165 — see all fact-checks of this account
Original post
https://www.threads.com/@temp2165/post/DbNzzB3lhw3?xmt=AQG0Vzhi0mzw9S-_lYHIg3n58Fb0586KeJh7xGIL7ypHxmhcxfyVbGXUuYtlBMyYdf9GlCQ
Verified on
July 25, 2026
Verification ID
1wU4IA32Xk7CVaym-Y6WdA

Original content reviewed

Platform: THREADS Author: @temp2165 --- Caption/Description --- Those of you who wants socialist enjoy more taxes you've got to pay for your free stuff --- On-Screen Text (OCR) --- SOCIALISM BACKFIRES! NYC has lost $11 Billion in tax revenue in 1 year as millionaires flee Woke Socialist Policies! Florida on the other hand gained $21 BILLION in revenue from millionaires moved to the state! Go Florida! SOURCE PLATFORM: unclear ---VERIFICATION_SUMMARY--- Platform: THREADS Author: @temp2165 --- HOW TO VERIFY THIS (provenance-first) --- 1. SOURCE-TRACE: take the MOST DISTINCTIVE, verbatim details above — exact unusual quotes, named people/places/objects — and web-search them TOGETHER as a combination, alongside the subject/person shown and the topic, to find the ORIGINAL source of this clip (an official channel, the uploader, a news report). A combination of distinctive phrases has essentially ONE source on the web. 2. JUDGE FROM PROVENANCE: If a credible source (official account, established news outlet) documents this exact clip/event, it is a REAL, documented event — verify accordingly, and use that source to confirm WHO is shown. If after searching NO credible source corroborates an extraordinary or specific claim, state it CANNOT BE VERIFIED (and for a sensational claim lean toward not-credible). Do NOT default to "verified" on tangential, generic facts. --- Caption/Description --- Those of you who wants socialist enjoy more taxes you've got to pay for your free stuff --- Visible Text/Media --- On-screen text with a headline 'SOCIALISM BACKFIRES!' and claims about tax revenue losses in NYC and gains in Florida due to millionaire migration. --- Claims to Verify --- 1. NYC has lost $11 billion in tax revenue in one year. 2. Millionaires are fleeing NYC due to 'Woke Socialist Policies'. 3. Florida gained $21 billion in revenue from millionaires who moved to the state. 4. Socialism backfires. --- Verification Focus --- NYC tax revenue loss millionaires fleeing

Claims analyzed (4)

  1. verified: NYC has lost $11 billion in tax revenue in one year.
    Multiple sources from July 2026 report that New York experienced a loss of nearly $11 billion in tax revenue in 2022 due to millionaire exodus.
  2. unverifiable: Millionaires are fleeing NYC due to 'Woke Socialist Policies'.
    While reports confirm a millionaire exodus from NYC, the attribution to 'Woke Socialist Policies' is a subjective interpretation and a politically charged term. Some sources discuss the impact of 'tax the rich' policies and the political climate, but do not use the specific term 'Woke Socialist Policies' as a factual cause.
  3. mostly true: Florida gained $21 billion in revenue from millionaires who moved to the state.
    Several sources confirm that Florida gained approximately $21 billion in net adjusted gross income from interstate moves in 2023, primarily from high earners. However, more recent reports from 2026 indicate that Florida is now experiencing a net outflow of millionaire households.
  4. unverifiable: Socialism backfires.
    This is a broad opinion statement and a political judgment, not a factual claim that can be verified. The post uses this as a headline to frame the economic data.

Sources consulted (14)

Related verifications

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