Rich fleeing New York and California

 Fox News:

New York and California experienced the largest loss of tax income from migration of any states in the country as residents fled the deep-blue havens in droves, according to a new study that also found that Texas and Florida got the biggest IRS tax benefits from people moving in.

MyEListing.com, an online real estate portal, conducted a study of IRS migration data and found that California lost more than $340 million in 2021 IRS tax revenue due to residents moving.

"Despite its numerous attractions, from the booming tech industry and world-class universities to beautiful landscapes and cultural richness, California's high personal income tax rates seem discouraging for many high-wealth individuals," MyEListing wrote in its analysis. "This, coupled with the state's high cost of living, will likely fuel a wealth migration out of California."

From January 2020 to July 2022, the state lost well over half a million people, with the number of residents leaving surpassing those moving in by almost 700,000. The U-Haul Growth Index, which measured more than two million one-way trips last year, found that California ranked last on the index as demand for trucks out of the Golden State spiked.

California's exodus is having real consequences. In 2021, the state lost a House seat for the first time since it achieved statehood in 1850. If the population continues to decline, another one could be at risk.

Another effect of fewer people, as reflected in MyEListing's findings, is an erosion of California's tax base, already one of the country's most taxed populations with the nation's highest top income tax rate at 13.3% among other onerous taxes.

In May, California Gov. Gavin Newsom announced that the state's budget deficit had grown to nearly $32 billion, which is about $10 billion more than he anticipated in January when he offered his first budget proposal. One reason for the higher figure was lower-than-expected tax revenue.

The problem may only get worse. More than 40% of Californians are considering leaving the Golden State, according to a new poll from a consortium of California nonprofits. Almost a third of residents said their urge to leave was fueled by California's liberal politics.
...

States without confiscatory income taxes were the primary beneficiaries of the California and New York exits. Both states are blessed with beautiful sceneries but are both plagued by the evils of liberalism and government greed.

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