Fact check: New York's share of the nation's millionaire population dropped from 12% to just over 8%.

Verdict: mostly true — Trust Score 75/100

The post claims that New York's share of the nation's millionaire population dropped from 12% to just over 8%, resulting in nearly $11 billion in lost tax revenue, citing a new study by the National Taxpayers Union. This information is, including reports from the National Taxpayers Union Foundation and the Citizens Budget Commission. While the National Taxpayers Union Foundation reported a decline from 12% to 8.7% and a loss of $12.2 billion, the Citizens Budget Commission reported a drop from 12.7% to 8.7% and a loss of approximately $10.7 billion, which is rounded to nearly $11 billion in the post.

Platform
instagram
Source author
headlines.360 — see all fact-checks of this account
Original post
https://www.instagram.com/p/Dax7HyPEx1A/?igsh=cjQyYWhtbnJ2cTB6
Verified on
July 14, 2026
Verification ID
5yyvm0ybEfhZRWnqpO2wOg

Original content reviewed

Platform: INSTAGRAM Author: @headlines.360 --- Caption/Description --- A new study by the National Taxpayers Union reveals that New York's share of the nation's millionaire population dropped from twelve percent to just over eight percent. According to reports, this dramatic high-earner migration has cost the state nearly eleven billion dollars in lost tax revenues.#Headlines360 #NewYork #TaxExodus #NYPost #Finance --- On-Screen Text (OCR) --- Headlines 360 @headlines360 NEW YORK SEES MASS MILLIONAIRE EXODUS, CAUSING NEARLY $11 BILLION IN LOST TAX REVENUE, SOURCE PLATFORM: unclear Published: 2026-07-14T16:30:21.000Z ---VERIFICATION_SUMMARY--- Platform: INSTAGRAM Author: @headlines.360 --- 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 --- A new study by the National Taxpayers Union reveals that New York's share of the nation's millionaire population dropped from twelve percent to just over eight percent. According to reports, this dramatic high-earner migration has cost the state nearly eleven billion dollars in lost tax revenues.#Headlines360 #NewYork #TaxExodus #NYPost #Finance --- Visible Text/Media --- On-screen t

Claims analyzed (3)

  1. mostly true: New York's share of the nation's millionaire population dropped from 12% to just over 8%.
    Multiple sources confirm a decline in New York's share of the millionaire population. The National Taxpayers Union Foundation reported a drop from 12% to 8.7% between 2013 and 2022. The Citizens Budget Commission also reported a decline from 12.7% in 2010 to 8.7% in 2022. The post's 'just over 8%' is consistent with these figures, but the initial 12% is slightly rounded in some contexts.
  2. mostly true: This high-earner migration has cost New York state nearly $11 billion in lost tax revenues.
    The Citizens Budget Commission (CBC) reported that this shift reduced New York's personal income tax collections by approximately $10.7 billion in 2022 alone. The National Taxpayers Union Foundation estimated a loss of $12.2 billion in revenue in 2022 if the state had maintained its share of millionaires. The 'nearly $11 billion' figure in the post aligns with the CBC's estimate.
  3. mostly true: A new study by the National Taxpayers Union reveals these statistics.
    The National Taxpayers Union Foundation (NTUF) published a report in May 2026 detailing New York's millionaire exodus and lost tax revenue. However, the specific $10.7 billion figure (rounded to nearly $11 billion in the post) is more directly attributed to a Citizens Budget Commission (CBC) analysis, also released in July 2026. While both organizations report on similar trends, the post's attribution to *only* the National Taxpayers Union for *all* statistics is slightly inaccurate.

Sources consulted (2)

Related verifications

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