By Kevin Tampone
syracuse.com
(TNS)
The number of taxpayers in New York who reported personal income of at least $1 million jumped more than 14.6% in 2024, according to state data.
The total rose from 86,710 millionaire taxpayers in 2023 to 99,404 in 2024, the most recent year with available data from the state Department of Taxation and Finance.
The 2024 total is a new high point in state records dating back to 2016.
Growth in millionaires was nearly flat the previous year.
The 2024 numbers are preliminary and so could be revised higher or lower at some point.
You can see growth in million-dollar returns in New York over time in the chart below. If you can’t see the chart, click here to open it in a new window.
Millionaires accounted for fewer than 1% of all taxpayers in New York in 2024, according to the state. But they paid more than 44% of all personal income taxes.
The 25% of taxpayers with the highest incomes accounted for 89.5% of income taxes in 2024 and the top 50% paid over 99%.
The bottom half of taxpayers paid 0.2%.
Recommended Articles
Overall, the Tax Department collected nearly $61 billion in personal income taxes during the 2024-2025 fiscal year, up from about $54 billion the previous year.
Personal income taxes are the state’s largest revenue source.
And remember: The deadline for filing your 2025 taxes, or an extension, is Wednesday, April 15.
You can see details of various categories of taxpayers and how much each paid in 2024 taxes in the table below. If you can’t see the table, click here to open it in a new window.
Photo credit: Joshua Williams/Unsplash
_______
©2026 Advance Local Media LLC. Visit syracuse.com. Distributed by Tribune Content Agency LLC.
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
Tags: income tax, Income Taxes, millionaires, New York, Taxes
