Are you tired of living in a Democrat-led state that's driving Residents away with high taxes and Strict regulations well you're not alone Record numbers of Americans are fleeing High tax blue States and moving to low Tax red States like Florida and Texas This Mass accident is having a Significant impact on the political and Economic landscape of the United States With red States gaining more Representation in Congress and the Electoral College Stay up to date with the latest news and Tap subscribe and enable notifications According to wire points analysis of IRS Migration data blue States including California and New York lost over 594 000 residents in 2020. this Mass Exodus Resulted in a loss of 5’.6 billion in Tax revenue for these states Illinois Massachusetts and New Jersey also Experienced significant losses meanwhile Florida and Texas saw a surge of new Residents bringing in 68.8 billion dollars in Revenue the Cumulative effect of population losses In blue states are staggering a Shrinking tax base not only affects the State of the year of the losses but Every year thereafter in other words Multiple consecutive years of out Migration adds up to massive losses this Has led to a downward spiral in States
Like California and New York with a high Cost of living and high taxes are Driving resident away in droves watch Good morning Joe well new stats from the IRS showing that income migration not Only accelerated but doubled during the Pandemic from high tax to low tax states New York losing a net 25 billion dollars In income from taxpayers who moved in 2021. that's up from 9 billion in 2019 California losing 29 billion dollars That was Triple the losses that they saw Before the pandemic so if you can Combine 2020 and 2021 those two states Lost more than 90 billion dollars in Income from out migration many of those Of course High earners now the big Winner no surprise here was Florida Florida gained over 39 billion dollars In income that's more than twice their Pre-covered levels about 10 billion of That came from New York the rest from Illinois New Jersey California and other States Texas was a distant second adding 11 billion dollars more than half of That coming from California now all that Income flight now finally starting to Show up in tax revenue California Recently going from a hundred billion Dollar Surplus to a 2’ billion dollar Deficit this year New York's income tax Collections they're running around 1’ Billion dollars less than last year the State now looking at a deficit of six
Billion dollars next year and Joe we Just saw in contrast low tax red States Like Florida and Texas continue to Attract new residents and businesses Florida was the top destination for new Arrivals bringing in 699 000 new Residents and 57.9 billion in Revenue Texas gained 175 000 people and one in 10.9 billion in Revenue these Consecutive population gains add up Resulting in significant boost to their Tax base in fact Florida's 2020 tax base Was 230 billion dollars higher following 21 years of resident in migration the Wire points analysis also found that out Migration from Blue States is not a One-time event the trend has been Ongoing for years and the losses are Cumulative for example California lost Over 1.6 million residents to migration To out migration between 20 to the year 2000 and 2020 resulting in a cumulative Loss of 148 billion dollars in tax Revenue New York lost over 1.3 million Residents and a 121 billion dollar loss Over the same period the reasons for the Mass Exodus from Blue states are varied But high taxes High Cost of Living and Strict government regulations are often Cited as factors Many residents are seeking lower taxes Lower cost of living and greater freedom In red States Additionally the virus accelerated the
Trend is many people are seeking out States with lower population density Well blue States continue to lose Residence and revenue red states are Thriving States like Florida and Texas Offer a lower cost of living lower taxes And greater Freedom this is leading to a Shift in the balance of power with red States gaining more representation in Congress as well as the Electoral College The mass Exodus of residents from Blue States to Red States is a clear sign That high taxes and higher regulations And high crime are driving people away Democrat led states like California and New York are experiencing significant Losses in tax revenue and population While red States like Florida and Texas Continue to attract new residents and Businesses If blue States want to stop the Hemorrhaging of residents and revenue They must address the root causes of Their decline including their Unsustainable tax policies and rampant Crime otherwise a shift in power to Red States will continue with significant Consequences for the future of the United States Let's continue the conversation in the Comments below for the next News Network I'm Gary franchi Thank you for watching that report if
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