Tax Revenue is Plummeting in Democrat Strongholds Like California and New York

[Elderberry]

Gateway Pundit by Mike LaChance Jul. 1, 2023

Deep blue states like California and New York are starting to see tax revenue go down while the exact opposite is happening in many red states.

This was completely predictable, especially in California, which is losing businesses almost every week due to rising crime.

California and New York have also been losing population over the last few years for a number of reasons, including crime, high taxes and strict rules related to COVID.

It was only a matter of time.

Democratic Strongholds Are Seeing Their Tax Revenue Plummet

Heavily taxed blue states such as New York and California last year had some of the country’s most drastic drops in tax revenue. At the same time, Republican states are enjoying the highest revenue increases even as they keep income taxes low.

Under Democratic governor Gavin Newsom, California has turned a $100 billion budget surplus into a $32 billion deficit, Bloomberg reported Friday, forcing the state to trim its “lofty climate change program, delay funding, and increase internal borrowing.” In this year alone, the once-Golden State has seen its tax revenue crater by nearly 25 percent as it hemorrhages wealthy residents to lower-taxed states.

New York, which under Democratic governor Kathy Hochul has the highest tax burden in the country, saw a similar revenue drop of almost 20 percent. Both California and New York last year saw their populations shrink by about 294,000 residents, Bloomberg reported.

More: https://www.thegatewaypundit.com/2023/07/report-tax-revenue-is-plummeting-democrat-strongholds-like/

[Bigun]

Exactly what happens when you run off all the producers!

[PeteS in CA]

California has not had a budget surplus in decades. It just has Michelin-Star-grade chefs cooking the books. State employees' and public school teachers' pension funds are vastly under-funded, and by the time insolvency @#$% hits the fan, all those legislators who perpetrated that fraud will have died, retired, or moved up to committing similar fraud in WashDC.

IMO, the last time CA had a chance for the budget to actually be balanced, no books cooked was when Gray Davis was recalled and the Austrian RINO was elected governor instead of Tom McClintock. McClintock knew where CA's budget bodies were buried; Austrian RINO was busy hiding and paying off the mother of his lust-child.

[Kamaji]

Surprise, surprise, surprise.  Not.

[PeteS in CA]

"Rich" people don't sit still to be milked by soak-the-rich tax-and-spenders? Who'd athunk it?

[DefiantMassRINO]

Rich people can afford to move.
Rich people can move their money.
Rich people can shelter wealth under LLC's, Trusts, Foundations, and Corporations.

Money moves to where money is treated well.

New Hampshire businesses and realtors love it when Massachusetts raises taxes.