Posted on 05/29/2023 10:54:26 AM PDT by lasereye
If the pandemic brought us too close for comfort to one of life’s certainties — death, that is — then it also got many Americans thinking about the other one: taxes.
Or at least it seems that way considering how many Americans chose to move, and in doing so picked states that offer less of a wallop on the wallet taxwise.
Two of the most populated and highest taxing states in the country — California and New York — lost about $92 billion in income over two years as a result of the recent exodus. Here’s what’s driving this great migration and where those billions of dollars landed.
Data from the Internal Revenue Service (IRS) found that New York state lost $25 billion in adjusted gross income from migration out of the state in 2021. This was on top of the $20 billion the state lost in 2020.
As for California, the Golden State lost $29 billion in 2021, after losing $18 billion in 2020: a total of $92 billion between both states over just two years. And overall, both states went from a budget surplus to a deficit.
However, New Yorkers and Californians can’t put all the blame on COVID-19. Migration from both states represents a growing trend that merely picked up speed during the pandemic as higher-income earners and businesses seek out lower-tax areas to set up shop.
Even so, the numbers were staggering. California and New York have seen more than three times the combined losses from before the pandemic in 2019, according to analysis of the IRS statistics from CNBC.
So where are those taxpayers headed? Florida, it turns out.
(Excerpt) Read more at finance.yahoo.com ...
Politicians don’t care about this. Hochul and newsom. Why don’t they care about this?
To paraphrase the great Gipper, whatever is taxed more results in less of it. Facts don’t matter to rabid leftards.
Who will they tap for reparations?
I’m sure they are working on that now.
Hey those escape from movies were in those states ,LOL
That’s not good news for Florida.
Nor Texas.
Wait till they tax the rich to pay for upcoming reparations. They’ll have to build a wall to keep them in.
Wait till they tax the rich to pay for upcoming reparations. They’ll have to build a wall to keep them in.
Nor Las Vegas. Sometimes I’m driving and I see more CA plates than NV plates. Lots of L.A. folks moving out here.
Nevada is already gone. By the way, Go Stars!
Sadly, being the liberals they are, the places they migrate to, don’t stay ‘low tax’ for long. They can’t bear to have Republicans doing anything so they set about trying to get Dems in positions and after that the new place starts to become the old place.
And to say that Florida is ‘low tax’ is kind of misleading, is it not? While it does t have a state income tax it has pretty high property taxes and crazy insurance rates. Granted the property taxes may not be NY or Long Island high, but they ain’t cheap.
The problem is $92B worth of parasitic liberal dumbass have now infested red states, to continue their stupidity and render once livable areas into libtard cesspools...
Because they aren’t effected by any of it.
Expected reparations amount will be about a quarter each. 🤣
No. They’re not. They were No elected.
Any Californian that moves to a red state should face months of interrogations and psychiatric evaluations to make sure they don’t infect conservative states. Theu should also face a repatriation tax and reparations tax for all the harm they did to America.
Outstanding!!!
Glad you’d do that to us here, living behind enemy lines.
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