California loss of $2.3 billion in tax receipts due to outbound migration

[Mick1]

In 2019, a net 170,000 Californian taxpayers and their dependents left the state, a figure that rose to 263,000 in 2020 and 332,000 in 2021, before falling to 307,000 in 2022.

California says it lost $2 billion in state income taxes from earners leaving

Best quote:

“Foregone revenue increased more (three-fold) than net domestic outmigration of people (two-fold) because, prior to the pandemic, outmigration was concentrated among lower-income households,” continued the LAO. “Since then, more middle- and higher-income households have moved to other states, meaning the effect on state revenue has been greater because these tax filers tend to make larger income tax payments.”

Audaces fortuna iuvat

[Author]

Posts