An analysis of statistics released by the Internal Revenue Service revealed that New York and California have lost the most tax revenue due to the continued migration of people to other states.
The study, carried out by MyEListing.com, an online real estate portal, also identified the states receiving the highest tax revenue from migration.
According to calculations, California lost approximately $340 million in IRS tax revenue in 2021.
“Despite its many attractions, from the booming tech industry and world-class universities to beautiful scenery and rich culture, California’s high personal income tax rates seem to put off many high net worth individuals,” MyEListing wrote.
“This, coupled with the state’s high cost of living, will likely fuel a migration of wealth out of California,” the site added.
Where are the taxpayers going?
The analysis pointed out that Texas and Florida were the states that benefited the most in tax revenue due to the arrival of new residents.
Florida got a $12.4 billion increase in new resident taxes, while Texas got a $10.7 billion increase in new resident taxes.
“High-income taxpayers are increasingly turning to the Sunshine State, reflecting an old economic axiom: money goes where it’s best treated,” the study authors wrote.
The other three states that are among the top five tax revenue losers are also overwhelmingly Democratic. Illinois lost $142 million in tax revenue, New Jersey lost $135 million and Massachusetts lost $129 million due to the migration of its residents, according to the study.
Estimates from the US Census Bureau show that California’s population decreased by approximately half a million people between April 2020 and July 2022. This number represents approximately 1.2% of the state’s population.
The $340 million is a “drop in the ocean” for California, which has an L of about $300 billion.
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Los Angeles California. – In the United States (USA), people live an average of 76.1 years, according to the CDC; however, there are ten states in which the population lives longer. A Stacker study ranked health data from counties across states across the country and with Census data and senior reporting. This is how they found the ten US states in which people live the longest.
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10. Oregon In this state, the average life expectancy is 79.7 years; 789,896 older adults live in Oregon.
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9. Florida People living in Florida have an average life expectancy of 79.7 years, while 21.1% of its population are seniors.
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8. Colorado Here the population has an average life expectancy of 80 years, while 880,167 people considered senior citizens live in this state.
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7. Connecticut In Connecticut, the average life expectancy is 80.1 years; this state has a population of 649,172 older adults.
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6. Massachusetts Massachusetts has a life expectancy of 80.2 years, while its senior population numbers 1.1 million.
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5. Washington People who live in Washington have a life expectancy of 80.2 years, while 16.2% of its population, that is, 1.2 million, are older adults.
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4. New York At least 3.4 million seniors live in New York, a state where the average life expectancy is 80.3 years.
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3. Minnesota In Minnesota, the life expectancy of people is 80.4 years, while its population of older adults is 16.85, that is, 959,272 people.
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2. California California is the second US state in which people live the longest, with an average life expectancy of 81.1 years. 5.9 million older adults live in the golden state, which corresponds to 15.2% of the population.
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1. Hawaii In the US state where people live the longest, the average life expectancy is 82.3 years, while the older population barely reaches 282,567 inhabitants.
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2023-08-01 20:20:00
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