The Democrat-led states of California and New York continue to bleed residents and hemorrhage tax dollars to red states like Florida and Texas, according to a recent analysis of IRS migration data by conservative think tank, Wirepoints. The report found that in 2020, California alone lost a whopping 332,000 residents and $29.1 billion in revenue due to outmigration, with New York not far behind, losing 262,000 individuals and $24.5 billion in the process.
Look at this news article from The Daily Caller: Blue States Lost Billions In Revenue As Americans Fled To Texas And Florida https://t.co/IPp3oD1HEL
— lucky one USA. (@stewdude59) May 2, 2023
It wasn’t just the Golden State and Empire State that felt the sting of outmigration, Illinois lost 105,000 residents and $10.9 billion, while Massachusetts and New Jersey were out $4.3 and $3.8 billion in tax revenue due to migration loss, respectively. These losses have a ripple effect that continues year after year as the tax base of the state shrinks, adding up to massive losses over time.
New Yorkers and Californians fled to low-tax states at twice the usual rate during the pandemic, according to the @IRSnews. @robtfrank explains where taxpayers are going, and how it impacts high-tax states' tax revenue: pic.twitter.com/xUHqVRSDiw
— Squawk Box (@SquawkCNBC) May 2, 2023
However, the red states like Florida and Texas were the big winners, gaining 699,000 and 175,000 new residents, respectively, in 2020. Florida alone netted a massive $39.2 billion in tax revenue, while Texas gained an impressive $10.9 billion. Meanwhile, states like Nevada, Arizona, and North Carolina also saw gains in tax revenue due to an influx of new residents.
This report serves as a stark reminder of the policy failures of Democratic leaders in blue states who continue to drive away taxpayers and businesses with their high taxes and anti-business regulations. While red states, like Florida and Texas, prioritize pro-business policies that attract entrepreneurs and create jobs, blue states continue to lose residents and tax revenue, leading to a higher tax burden on those who remain. It’s simple, if blue states want to stop the bleeding, they need to start embracing pro-growth policies that welcome businesses and entrepreneurs, not push them away.