As individuals continue to leave both states in search of better opportunities, the Internal Revenue Service’s review of statistics revealed that New York and California had lost the greatest income tax revenue.
MyEListing.com, an online real estate platform, made the discovery and also identified the biggest tax income beneficiaries of immigration.
According to the group’s estimation, California missed out on around $340 million in 2021 IRS tax income.
“California’s very high personal income tax rates seemed discouraging for many high-wealth people,” according to MyEListing, “despite the state’s many attractions, including its thriving tech sector, world-class colleges, stunning landscapes, and rich cultural heritage.”
“This, together with the high cost of living in Calif., will probably fuel a wealth migration out of the state,” the website continued.
According to the report, Texas and Florida had benefited the most from the influx of people in terms of income tax collection.
Florida received a rise in taxes from new people of $12.4 billion, while Texas received an increase in taxes from newly arrived residents of $10.7 billion.
The authors of the survey noted that “high-earners are increasingly favoring the state of Florida, reflecting the age-old economic axiom: Money goes to where it gets treated the best.”
The top five states with the most lost tax income all had a majority of Democrats. According to the report, the loss of inhabitants cost Massachusetts $129 million in lost tax income, $135 million in New Jersey, as well as $142 million in Illinois.
According to estimates coming from the U.S. Census Bureau, from April 2020 through July 2022, California’s population fell by nearly 500,000 people. Approximately 1.2% of the state’s population is represented by that number.
According to KTLA-TV, California’s state budget is over $300 billion, thus $340 million is only a “drop in the bucket” in comparison.
If you are a liberal Democrat you should STAY IN CALIFORNIA! No other state want your STUPID IDEA! Since YOU WERE PART OF THE PEOPLE WHO HELP DESTROY CALIFORNIA BY VOTING DEMOCRAT! So take responsibility and stay in CALIFORNIA and clean it up! No, need to move because all you will do is DESTROY ANOTHER STATE!
You do realize there are conservatives in California don’t you?
California Conservatives need to step-it-up in overcoming the commies running your state! Many Californians have flooded Texas and driven up housing prices just like they did in California. It’s ridiculous what housing prices are now.
Keep your liberals and straighten them out!