IRS Migration Data Reveals Blue States Suffer Large Population Tax Revenue Losses While Red States See Largest Gains!

IRS migration data reveals blue states suffer tax revenue losses while red states see the largest gains, Just The News reported.

IRS Migration Data (PHOTO: The Wall Street Journal)

IRS Migration Data Released Last Week

More residents in California had lost than any other state, a net loss of nearly 332,000 people with more than $29 Billion in income last 2021, the IRS migration data shows. The second largest population loss is in New York with over 262,000 residents and $24.5 Billion in income. While Illinois suffered a net loss of 105,000 people and $10.8 Billion in income.

Reportedly, other states saw population losses not the same as these three states. The state of Massachusetts had a net loss of 44,000 residents with nearly $4.3 billion in income, and the state of Louisiana lost 28,500 residents and $861 Million, while New Jersey lost fewer residents and had a higher income loss with 26,000 residents and $3.8 Billion less in income.

The state that gained the most residents with a net gain is Florida with over 255,000 people and $39 Billion in income. The state of Texas is the second with nearly 175,000 residents and $10.9 Billion in income. On the other hand, North Carolina gained 77,000 residents and South Carolina gained nearly 65,000.

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IRS Migration Data Shows Large Population, Tax Revenue Losses

IRS data reveals taxpayers leaving Illinois and New York made up to $40,000 on average. Problems facing rich Californians may follow them after they leave. Earlier this year, a bill was introduced by State democratic lawmakers that would impose a wealth tax on rich residents.

Overall, IRS migration data reveals blue states suffer tax revenue losses while red states see the largest gains. Wealthy residents in each state appear to be the most likely to flee high-tax states.