![]() California and New York have seen more than three times the combined losses from before the pandemic in 2019, according to CNBC. Migration from both states represents a growing trend that merely picked up speed during the pandemic as higher-income earners and businesses seek out lower-tax areas to set up shop.Įven so, the numbers were staggering. However, New Yorkers and Californians can’t put all the blame on COVID-19. ![]() And overall, both states went from a budget surplus to a deficit. That's a total of $92 billion between them over just two years. This was on top of the $20 billion the state lost in 2020.Īs for California, the Golden State lost $29 billion in 2021 after losing $18 billion in 2020. New York state lost $25 billion in adjusted gross income from migration out of the state in 2021, according to Internal Revenue Service data analyzed by CNBC. Here’s what’s driving these great migrations and where those billions of dollars landed. Two of the most populated and highest taxing states in the country - California and New York - lost about $92 billion in income over two years as a result of those exoduses. Or at least it seems that way considering how many Americans chose to move states, and in doing so picked locations that offer less of a wallop on the wallet taxwise. Here are the 2 simple techniques that made Ronald Read rich - and can do the same for you This janitor in Vermont built an $8M fortune without anyone around him knowing. Here's howģ6% of millionaires say it’ll ‘take a miracle’ to retire amid rising costs and a shaky market - here are the best shock-proof assets to grow your nest egg ![]() Thanks to Jeff Bezos, you can now use $100 to cash in on prime real estate - without the headache of being a landlord. If the COVID-19 pandemic did one thing it brought us perspective on where and how we work and our quality of life. New York and California lost a combined $92B in income as Americans left for other states - these are the low-tax places that happily scooped up those billions
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