An analysis uses IRS and state tax records to identify migration of higher-income residents among the states. People who reported a million dollars in income were tracked. California lost 57,000 of these people, New York 35,000 and Illinois 15,000. Meanwhile Florida picked up an astounding 73,000, Texas gained 19,000 and North Carolina 13,000. Minnesota lost 3900, eighth most among all states, which is more significant than it may seem on a per capita basis.
This matters to all residents of a state. Most states are dependent on wealthier, higher-income taxpayers to provide the revenue for state and local government activities. Those persons also often are business owners and investors who provide funding for new businesses and thereby help create and maintain jobs. Chasing them out of a state is counter-productive; but Dems can’t help themselves, they just keep doing it and putting their states in a massive downward spiral, Minnesota being Exhibit A, although it is hard for any state to top California or New York or Illinois in terms of dumb policy that drives wealth away. And wealth taxes will just add to the flight to saner states, which are gaining revenue that allows them to improve education and services and become even more attractive as a place to live. (CX Analysis)
Escape to the Hawkeye state, Kevin. Once you cross the border, you’re no longer ruled by crazy people but close enough to venture back there once in a while to assist others in escaping.