“California has lost more than $340 million in yearly tax income as its wealthiest residents moved to lower-tax states, according to a study by national online real estate service MyEListing.
The state ranks first among those with the worst net-negative tax migration, according to the study…
California lost nearly 700,000 residents from April 2020 to July 2022, according to the U.S. Census Bureau…
California was first among other Democratic Party strongholds to capture the top-five states losing the most revenue as high-income earners relocated.
New York came in second behind the Golden State, losing nearly $300 million from its yearly tax base. The state’s high personal income tax rates and cost of living were also factors in pushing residents to relocate, according to the MyEListing study.
Coming in third was Illinois, which lost nearly $142 million in tax revenue. New Jersey, with $135 million lost, and Massachusetts, losing $129 million, came in fourth and fifth place in the study.”