TAXES Published July 28, 2023 5:00pm EDT
New York, California lost more tax income than every other state as people fled liberal enclaves
Texas, Florida gained more tax income than any other states due to people moving in, IRS data shows
By Aaron Kliegman | Fox News
New York and California experienced the largest loss of tax income from migration of any states in the country as residents fled the deep-blue havens in droves, according to a new study that also found that Texas and Florida got the biggest IRS tax benefits from people moving in.
MyEListing.com, an online real estate portal, conducted a study of IRS migration data and found that California lost more than $340 million in 2021 IRS tax revenue due to residents moving.
"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," MyEListing wrote in its analysis. "This, coupled with the state's high cost of living, will likely fuel a wealth migration out of California."
From January 2020 to July 2022, the state lost well over half a million people, with the number of residents leaving surpassing those moving in by almost 700,000. The U-Haul Growth Index, which measured more than two million one-way trips last year, found that California ranked last on the index as demand for trucks out of the Golden State spiked.
https://www.foxnews.com/politics/new-york-california-lost-more-tax-income-than-any-other-states-due-people-leaving-study
