Wealthy Residents Flee California and New York, Costing States Millions in Tax Revenue
TL;DR Summary
California has experienced a decline in population for the third consecutive year, with many of the state's wealthiest residents leaving. A study by MyEListing.com found that California lost over $340 million in IRS tax revenue in 2021 due to residents moving. High personal income tax rates and the high cost of living are cited as reasons for the wealth migration. Florida, Texas, and Arizona were the states that benefited the most from IRS tax income due to migration, while California, New York, and Illinois were the biggest losers.
- California lost more than $300 million in tax revenue from wealthy residents moving: study KTLA Los Angeles
- States where high earners are moving: West, but not California Business Insider
- California and New York Saw Exodus of High Earners in the Pandemic Wealth Management
- New York saw an exodus of high earners during the pandemic Crain's New York Business
- High Earners Leaving N.Y., California in Droves Newsmax
- View Full Coverage on Google News
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