via CNBC:
New data from the Internal Revenue Service shows that New York state lost $25 billion in adjusted gross income due to outmigration in 2021, on top of $20 billion lost in 2020. California reported a net loss of $29 billion in 2021, following a loss of $18 billion in 2020. Combined, the two states lost $92 billion across the two years.
The data shows that the income flight from high-tax states to low-tax states, which has been happening for years, picked up steam during Covid. The income losses for California and New York in 2021 were more than three-times their combined losses in 2019, before the pandemic took hold in the U.S.
Experts say that while the income migration from states likely slowed in 2022 and 2023 from the pandemic highs, higher-tax states will continue to see outflows of high earners, thanks in part to remote work and white-collar job growth in the sun belt.
“When we get the data for 2021-22 and 2023, the outflow is certain to have slowed to some extent,” said E.J. McMahon, founding senior fellow at the Empire Center, “which does not in my view, mean migration will have ceased to be a problem.”
People actually like freedom and low taxes but you’d never know it from the way around half or more of us vote.
Comrade Bernie Goes Full Commie, Wants Government to Steal ALL the Money You Make Over This Amount.
h/t Stephen Green