IRS Data Reveals California, New York, Illinois Biggest Losers of Residents & their Wealth
The California exodus to other states is even worse than we realized; the state’s population dropped by more than 500,000 people between April 2020 and July 2022, with the number of residents leaving surpassing those moving in by nearly 700,000, the Globe reported in February.
Wirepoints.com analyzed the IRS data and found Florida was the biggest winner in Adjusted Gross Income of nearly $40,000,000, a 5.5% increase.
In California, Los Angeles and San Francisco counties lost the most residents. This is no surprise either as Los Angeles and San Francisco had the harshest, most draconian Covid restrictions, masking, lockdowns, school closures and vaccine mandates. Los Angeles and San Francisco counties also have the most crime.
In fact, San Francisco County and the State of California were still operating under Covid emergency orders in February 2023 – three years after declaring the Covid State of Emergency, or nearly 1,100 days later. San Francisco initially declared its emergency order in late February 2020 – ahead of Gov. Newsom’s March 4, 2020.
California’s 13.3% income tax rate is the highest marginal tax rate in the nation. And when you add in up to 37% federal taxes, living in California is expensive right off the top, and especially now that we cannot deduct state taxes against the federal. And the California Legislature is attempting another tax on high income earners. Again.