California Loses Nearly $350 Million to Migration Out-of-State

July 31, 2023

by Joel B. Pollak Breitbart.com

The State of California lost nearly $350 million in tax revenues in 2021 due to migration out of the state — a worrisome figure as the state contemplates a new deficit of $32 billion this year.

The real estate website MyEListing.com reported:

California ranks first among states experiencing the worst net negative tax income migration. With a staggering net loss of $343.2 million, the Golden State is witnessing an outflow of high-income earners.

Despite its numerous attractions, from the booming tech industry and world-class universities to 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.