New York is experiencing a significant decline in millionaires, leading to billions in lost tax revenue. This exodus is driven by high taxes and the increasing ease of conducting business remotely. While some Democratic officials propose taxing the wealthy to fund social programs, the wealthy are leaving the state. A study shows New York's share of millionaires has dropped considerably, causing a substantial revenue shortfall. Democrats are increasingly advocating for a national wealth tax to deter such migration. This proposed tax would target assets rather than just income, aiming to discourage moves to lower-tax states. Critics argue that taxing wealth is unconstitutional and economically damaging. Historically, wealth taxes have been rescinded in other countries due to negative economic impacts. New York and California have already lost trillions due to the departure of wealthy taxpayers. Instead of making states more attractive, national Democrats are seeking to implement wealth taxes to capture revenue from those who leave. The proposed wealth tax could extend beyond billionaires to include centimillionaires, potentially impacting fortunes of $50 million and up. Those millionaires who remain in New York will likely face increased tax burdens to compensate for the lost revenue.