Great Wealth Migration: New York, California Tax Revenue Tumbles Amid Exodus
www.zerohedge.com
California and New York have sustained population declines during Covid and after, that have long-term implications for local economies. The exodus means workers with six-figure salaries in technology, finance, real estate, and entertainment are going elsewhere, which will reduce tax revenue for the state.
MyEListing.com, an online real estate portal, used IRS migration data to reveal California and New York lost $343 million and $299 million in 2021, respectively, due to the surge in migration outflows.
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