California and New York Saw Exodus of High Earners in the Pandemic

[bigbossman]

Interesting story on the Bloomberg site:

https://www.msn.com/en-us/money/markets/california-and-new-york-saw-exodus-of-high-earners-in-the-pandemic/ar-AA1ekxIU?rc=1&ocid=winp1taskbar&cvid=95290c5310f440f7dbe03416cb6d9e8b&ei=7

Those states lost the most high-earning residents in 2021, according to a new study from SmartAsset, a financial information provider. And, not shockingly, Florida and Texas led the list of states seeing an influx of people earning at least $200,000 a year before taxes.

[cline]

build up walls around california and new york. if they come out, confiscate their property then send their sorry asses back inside.

[socal m1 shooter]

OP, article without the baggage of that leftist host.

While I would not be surprised to learn NY is similar to CA in this regard, I don't know for sure. CA gets about two-thirds of their general fund revenue from personal income tax, and about half of that-- one-third of the state's general fund revenue-- comes from a tiny percentage of the most wealthy income tax payers. When those people have a bad year, CA has a bad year, like right now.

But the ripple effect goes well beyond that. A couple of months ago James Doti and Art Laffer were getting some coverage regarding an article that agrees with your post; they argued the numbnuts running excremento were not only screwing everything up today with their fiscally stupid policies, but also screwing everything up tomorrow through the billion$ of lo$t tax revenue which will not return anytime soon.

Unfortunately the old bromide "the government that robs Peter to pay Paul can always count on the support of Paul" is as true as ever.

[Squatch]

It was high earners because they are the only ones who can afford to leave.

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