Great Wealth Migration: New York, California Tax Revenue Tumbles Amid Exodus 

Readers are already conversant in the mass migration from the Democratic strongholds of California and New York, recognized for prime crime and tax charges. We have delved into this in our article, “Americans Continue To Flee High-Tax New York And California,” highlighting Texas and Florida as most popular locations.

California and New York have sustained inhabitants declines throughout Covid and after, which have long-term implications for native economies. The exodus means staff with six-figure salaries in expertise, finance, actual property, and leisure are going elsewhere, which can cut back tax income for the state. 

MyEListing.com, a web-based actual property portal, used IRS migration information to disclose California and New York misplaced $343 million and $299 million in 2021, respectively, because of the surge in migration outflows. 

The beneficiaries of the outflow are Florida and Texas, which took in $12.4 billion and $10.7 billion, respectively. 

“Despite its numerous attractions, from the booming tech industry and world-class universities to beautiful landscapes and cultural richness, California’s high personal income tax rates seem discouraging for many high-wealth individuals. This, coupled with the state’s high cost of living, will likely fuel a wealth migration out of California,” MyEListing wrote within the report. 

The exodus from California is so extreme that state demographers forecasted the whole inhabitants would be the identical immediately as in 2060. 

If left unchecked, the most important outflows of residents from particular metro areas may expertise a fiscal disaster. Such a improvement could be tragic for Democrat-controlled cities already plunging into disaster as progressive politicians fail to implement legislation and order.