![]() The losses in the high-tax states also tended to be higher earners, which will have an outsized impact on tax collections over time. Other winners included Nevada, North Carolina and Arizona, which gained about $14 billion in income combined. California's loss was largely Texas' gain, with over $5 billion moving from California to Texas. Texas was also a winner, adding $11 billion in income. ![]() The income gains are rippling through the Florida economy, with a recent Bureau of Labor Statistics report showing Florida with more total jobs than New York since the Bureau started tracking the numbers in 1982. California, Illinois and New Jersey each lost over $4 billion in income to Florida in 2021. Nearly a third of Florida's gain - or about $10 billion - came from New York. Palm Beach County, which includes the exclusive town of Palm Beach, gained over $11 billion in income alone in 2021, according to the IRS. The biggest winner in the migration has been Florida: The Sunshine State gained a net 128,000 households in 2021, bringing over $39 billion in income, according to the IRS data, a huge jump from the $28 billion gained by the state in 2020. McMahon, founding senior fellow at the Empire Center, "which does not in my view, mean migration will have ceased to be a problem." "When we get the data for 2021-, the outflow is certain to have slowed to some extent," said E.J. The income losses for California and New York in 2021 were more than three-times their combined losses in 2019, before the pandemic took hold in the U.S.Įxperts say that while the income migration from states likely slowed in 20 from the pandemic highs, higher-tax states will continue to see outflows of high earners, thanks in part to remote work and white-collar job growth in the sun belt. The data shows that the income flight from high-tax states to low-tax states, which has been happening for years, picked up steam during Covid. Personal Loans for 670 Credit Score or Lower ![]() Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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