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 PlummetHeavily 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/