Home » Economy » New York, California suffer biggest blow as more Americans flee to low-tax states
New York, California suffer biggest blow as more Americans flee to low-tax states
Big government and taxes won’t solve our problems, analyst says
Rep. Anna Paulina Luna, R-Fla., explains why taxation is theft and discusses the White House threatening to veto a bill that would cut billions of dollars from the IRS on ‘Kennedy.’
The exodus from high-tax states accelerated in 2022.
A growing number of Americans migrated from predominantly blue states with steep taxes like California and New York to red states with lower taxes like Florida and Texas last year, according to a Bank of America analyst note that is based on findings from U.S. Census Bureau data and U-Haul rates.
Although the entire U.S. population as a whole grew by just 0.4% between July 2021 and July 2022, the data underscores major differences in population growth at the state level.
The South, which has states with some of the lowest individual income taxes in the country, was the fastest-growing region. Its population increased far faster than the national average, jumping by about 1.1% – or roughly 1.4 million people last year – a phenomenon described as the "Sun Belt migration." The region also benefited from about 870,000 Americans who left other parts of the country for warmer climates and lower taxes.
NEW IRS TAX BRACKETS TAKE EFFECT IN 2023, MEANING YOUR PAYCHECK COULD BE BIGGER