California lost more than $300 million in tax revenue from wealthy residents moving: study
A study of IRS Migration Data by an online real estate portal found that no state experienced a larger loss of tax income from migration than California.
A study of IRS Migration Data by an online real estate portal found that no state experienced a larger loss of tax income from migration than California.
The study, conducted by MyEListing.com, found that California lost more than $340 million in 2021 IRS tax revenue due to residents moving.
While about 40% of Californians have previously indicated that they had “seriously considered” leaving the Golden State, mainly due to cost of living, the migration of high-earners from California is a bit more mysterious.
“Despite its numerous attractions … beautiful landscapes and cultural richness, California’s high personal income tax rates seem discouraging for many high-wealth individuals. This, coupled with the state’s high cost of living, will likely fuel a wealth migration out of California,” the website wrote in its analysis.
California is the entertainment capital of the world as well as home to Silicon Valley, but it appears some of the highest earners no longer need to keep their California residency to maintain their careers and businesses.
Below are the states that experienced the biggest increases and decreases in IRS tax revenue linked to migration:
Technology firebrand Elon Musk, at one point the richest man in the world, made a highly publicized move from California to Texas last year. Entertainers like Joe Rogan and Rob Schneider, who have been openly critical about the politics of the state, have recently packed up and moved.
7 celebrities who have fled California, and why
Earlier this year, actor Scott Baio announced he was moving to Florida after 45 years as a California resident.
Florida was the big winner in IRS tax income from migration, the study found. The Sunshine State experienced a $12.4 billion increase in tax revenue, according to the real estate study.
Florida, Texas and Arizona were the states getting the most IRS tax benefit from migration. California, New York and Illinois were the three biggest losers.
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