{"id":1986113,"date":"2023-07-30T09:17:01","date_gmt":"2023-07-30T13:17:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bad-news-for-newsom-california-exodus-results-in-340-million-tax-revenue-loss-amid-32-billion-deficit-study\/"},"modified":"2023-07-30T09:20:37","modified_gmt":"2023-07-30T13:20:37","slug":"bad-news-for-newsom-california-exodus-results-in-340-million-tax-revenue-loss-amid-32-billion-deficit-study","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bad-news-for-newsom-california-exodus-results-in-340-million-tax-revenue-loss-amid-32-billion-deficit-study\/","title":{"rendered":"California Exodus Causes $340M Tax Revenue Loss Amid $32B Deficit: Study"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbad-news-for-newsom-california-exodus-results-in-340-million-tax-revenue-loss-amid-32-billion-deficit-study%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1986113&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>California Exodus Results in $340 Million Tax Revenue Loss Amid $32 Billion Deficit: Study<\/h2>\n<p>As Democrat-dominated California struggles to maintain its declining population, \u200ca new\u200b study revealed that the state has lost\u2063 more tax \u2064income revenue from migration than any other state.<\/p>\n<p>Conducted by the real estate platform\u200c <a href=\"https:\/\/myelisting.com\/commercial-real-estate-news\/1639\/great-wealth-migration-flow-of-high-income-earners-across-states\/\" target=\"_blank\" rel=\"noopener\">MyEListing.com<\/a>, the study found that California\u200d lost approximately $343.2 \u200dmillion in tax income because of migration <a href=\"https:\/\/www.westernjournal.com\/superman-star-joins-california-exodus-already-thrilled-decision-policies-just-terrible\/\" target=\"_blank\" rel=\"noopener\">out of state<\/a> in 2021. Deep blue New York came \u2064in second with\u200c a net loss of $299.6 million\u200d and Democrat-run \u200bIllinois was third with $141.7 million.<\/p>\n<p>The U.S. Census Bureau reflects this mass \u200cexodus, showing that an estimated 343,000 Californians moved out between July 2021 and July 2022, and only 125,000 people moved in, \u2063according to <a href=\"https:\/\/ktla.com\/news\/california\/new-census-estimates-show-which-california-counties-are-losing-residents\/\" target=\"_blank\" rel=\"noopener\">KTLA-5<\/a>.<\/p>\n<p>Los Angeles County suffered\u200d the largest population loss with a decline of over 90,000.<\/p>\n<p>Overall, the state\u2019s population has declined by about 500,000 since 2020, KTLA-5 reported.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Going flat: California population projected to stagnate through 2060 <a href=\"https:\/\/t.co\/23y1ZmrU3L\">https:\/\/t.co\/23y1ZmrU3L<\/a><\/p>\n<p>\u2014 O.C. Register (@ocregister) <a href=\"https:\/\/twitter.com\/ocregister\/status\/1684388273844523009?\">July 27, 2023<\/a><\/p>\n<\/blockquote>\n<p>California\u2019s tax \u2063income loss was notably caused by high-income earners seeking a better bang for their buck in states that offer lower taxes\u200c and a \u2062lower <a href=\"https:\/\/www.westernjournal.com\/gordon-ramsay-ditches-california-moves-business-hq-texas-taxes-cost-living\/\" target=\"_blank\" rel=\"noopener\">cost of\u2063 living<\/a>.<\/p>\n<p>\u201cDespite its numerous attractions, from the \u200bbooming tech industry and world-class universities to beautiful landscapes and\u2063 cultural richness, California\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bad-news-for-newsom-california-exodus-results-in-340-million-tax-revenue-loss-amid-32-billion-deficit-study\/\" title=\"California Exodus Causes 0M Tax Revenue Loss Amid B Deficit: Study\">high personal income tax rates<\/a> seem discouraging for \u2063many high-wealth individuals,\u201d the MyEListing study found, warning that if this trend continues, \u2064it could fuel a \u201cwealth migration\u201d out of California.<\/p>\n<p>The \u2062fact that all of this is coming at a\u200b time \u200dwhen California lawmakers have approved a budget with a $32 billion budget deficit, \u200baccording to <a href=\"https:\/\/apnews.com\/article\/california-state-budget-2023-2db8442a1d7c0ecc5b6827207c1dad03\" target=\"_blank\" rel=\"noopener\">The Associated Press<\/a> \u200b \u2014 after years of surpluses \u2014 just highlights how bad the situation \u200dis.<\/p>\n<p>That isn\u2019t going to look good on the resume \u2014 \u2064or potential campaign\u2064 literature \u2014 of California Gov. <a href=\"https:\/\/www.westernjournal.com\/ron-desantis-travels-california-humiliates-gavin-newsom-turf\/\" target=\"_blank\" rel=\"noopener\">Gavin\u200c Newsom<\/a>, a man who\u2019s long been eyeing a run <a href=\"https:\/\/www.westernjournal.com\/gavin-newsom-announces-plans-biden-2024-rolls-around\/\" target=\"_blank\" rel=\"noopener\">for the White House<\/a>.<\/p>\n<p>Unsurprisingly, Florida was the top destination for such individuals, with the state gaining a whopping $12.4 billion in tax income from migration \u2013 $3.5 billion of this coming from former\u2063 California residents, according to <a href=\"https:\/\/flvoicenews.com\/report-florida-net-migration-revenue-swells-from-blue-states\/\" target=\"_blank\" rel=\"noopener\">Florida\u2019s Voice<\/a>, a \u200b<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cnns-brian-stelter-oliver-darcy-say-legacy-media-outlets-like-the-washington-post-have-layers-of-protection-against-bogus-stories\/\" title=\"CNN\u2019s Brian Stelter, Oliver Darcy Say Legacy Media Outlets, Like The Washington Post, Have \u2018Layers Of Protection\u2019 Against \u2018Bogus\u2019 Stories\">conservative news site<\/a> in the Sunshine State.<\/p>\n<p>Florida\u2019s Voice cited \u200da <a href=\"https:\/\/www.flchamber.com\/2023fbemyr\" target=\"_blank\" rel=\"noopener\">report<\/a> \u2064by the Florida Chamber of Commerce.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">More than 50% of the total net income migration into Florida is from\u200d the following top five states:<\/p>\n<p>1) New York \u2013 $9.8 billion<br \/>\n2) Illinois \u2013 $3.9 \u200cbillion<br \/>\n3) New Jersey \u2013 $3.8 billion<br \/>\n4) California \u2013 $3.5 billion<br \/>\n5) Pennsylvania \u2013 $1.9 billion<a href=\"https:\/\/t.co\/H0f1CQ5fh1\">https:\/\/t.co\/H0f1CQ5fh1<\/a><\/p>\n<p>\u2014 Christian Ziegler  \u200c(@ChrisMZiegler)\u200d <a href=\"https:\/\/twitter.com\/ChrisMZiegler\/status\/1683573521304236032?\">July \u206224, 2023<\/a><\/p>\n<\/blockquote>\n<p>Texas and Arizona followed close behind \u200dat $10.7 billion and $9.4 billion, respectively.<\/p>\n<p>Florida, as the study noted, has become a hotspot for \u201cindividuals and families with substantial income and assets\u201d<\/p>\n<p>\u201cHigh-income earners are increasingly choosing the Sunshine State, reflecting an\u2064 age-old economic axiom: Money goes where it is treated best.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">If Texas and California had a child, it would be Florida.<\/p>\n<p>With California\u2019s \u2064weather and beaches, \u200dand Texas\u2019s \u200dbusiness and tax-friendly climate, it \u2062attracts \u200dmore billionaire residents and tourists than \u200banywhere else.<\/p>\n<p>How is Florida\u2064 not universally recognized as the best state? <a href=\"https:\/\/t.co\/h6dyR32vhT\">pic.twitter.com\/h6dyR32vhT<\/a><\/p>\n<p>\u2014 SMB Attorney (@SMB_Attorney) <a href=\"https:\/\/twitter.com\/SMB_Attorney\/status\/1685390232307331073?\">July 29, 2023<\/a><\/p>\n<\/blockquote>\n<p>In terms of population growth, Florida also ranks first. Over\u200c 674,000 people\u2062 moved to Florida from another state in 2021 and 469,000 residents\u200d left, resulting in a net growth of 205,163 residents, according to Census Bureau data examined by the publication <a href=\"https:\/\/www.businessinsider.com\/people-moving-out-of-florida-in-2021-2023-7?op=1\" target=\"_blank\" rel=\"noopener\">Insider<\/a>, which <a href=\"https:\/\/www.foxnews.com\/media\/business-insider-corrects-story-claiming-mass-migration-florida-backlash-wrong\" target=\"_blank\" rel=\"noopener\">embarrassed\u2064 itself<\/a> earlier\u2062 this\u200d month by pretty much getting the\u2063 facts exactly opposite.<\/p>\n<p>\u201cHappy Days\u201d actor <a href=\"https:\/\/www.westernjournal.com\/happy-days-actor-announces-making-exit-stage-right-california\/\" target=\"_blank\" rel=\"noopener\">Scott Baio<\/a> was one \u2063such California resident to move to Florida. After residing in California for 45 years, he ultimately jumped ship \u200dover <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rep-tenney-to-newsmax-police-reform-bills-proving-problematic\/\" title=\"Rep. Tenney to Newsmax: Police Reform Bills Proving Problematic\">growing crime rates<\/a> and an uncontrolled homeless population.<\/p>\n<p>Another notable name \u2062who joined the migration \u2062out of California is Tesla CEO <a href=\"https:\/\/www.westernjournal.com\/tesla-announces-will-relocate-headquarters-fascist-democrat-run-california-texas\/\" target=\"_blank\" rel=\"noopener\">Elon Musk<\/a>, who caused quite a stir last year when he moved the company\u2019s headquarters from California to\u200c Texas.<\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/oil-giant-sells-92-acres-california-offices-ditches-blue-state-red-texas\/\" target=\"_blank\" rel=\"noopener\">Chevron<\/a> made a similar move last year, selling around 90 of \u200cits San Ramon offices so that\u200c it could build up its operations in Houston.<\/p>\n<p>Meanwhile, \u200dthe loss of such companies will make it even harder for\u200b California to pay off their $32 billion deficit.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/bad-news-newsom-california-exodus-results-340-million-tax-revenue-loss-amid-32-billion-deficit-study\/\">Bad \u2064News for Newsom: California Exodus Results in $340 Million Tax Revenue Loss Amid $32 Billion Deficit: Study<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>California, a Democrat-dominated state, grapples with a dwindling population. A recent study by MyEListing.com, a real estate platform, disclosed that the state suffered the highest tax income loss due to out-migration. In 2021 alone, California&#8217;s migration resulted in a staggering $343.2 million decline in tax revenue.<\/p>\n","protected":false},"author":2043,"featured_media":1986114,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-1986113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1986113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2043"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1986113"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1986113\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1986114"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1986113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1986113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1986113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}