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California Lost More Than $300 Million in Tax Revenue from Wealthy Residents Moving

July 28th, 2023

Via: KTLA:

For the third straight year, the state of California has experienced a decline in population, according to U.S. Census Bureau data, and many of those packing up and heading east are some of the state’s wealthiest.

A study of IRS Migration Data by an online real estate portal found that no state experienced a larger loss of tax income from migration than California.

The study, conducted by MyEListing.com, found that California lost more than $340 million in 2021 IRS tax revenue due to residents moving.

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