In a result that could be filed under, “Well, Duh!” a new report says leftist, high-tax states like New York and New Jersey recently have lost the taxes on some two-thirds of a trillion dollars in residents’ taxable incomes.
It’s because residents are fleeing states where gender ideology, communist ideas and socialism is surging.
It is the Unleash Prosperity organization that reported this week that New York lost the ability to tax more than $517 billion in residents’ incomes from 2013 to 2022. New Jersey, another enclave of leftists, lost $170.1 billion.
California lost the taxes on $370.1 million in residents’ incomes and Illinois lost the taxes on $315.2 billion.
The four states alone, all dominated by Democrat politics and politicians, lost the ability to tax nearly $1.4 trillion in income, and that will continue into the future.
A report at Fox Business said, “The report covers cumulative gains and losses in each state’s resident income, as a mover takes their income to another state for subsequent years – not just the first year after their move.”
“New York and New Jersey combined have lost two-thirds of a trillion dollars in net income and purchasing power over the last decade due to moving vans departing these states,” said Steve Moore, economist and co-founder of Unleash Prosperity, in an interview.
“This has been one of the greatest wealth losses for one region in American history. New Jersey and New York are being bled to death by low tax states in the South,” Moore said.
At the other end of the scale was Florida, where a gain of $1 trillion in taxable income was confirmed, as well as Texas, with saw a $290 billion increase.
The report said, “Based on tax filing data from the 2011-12 period through 2021-22, New York lost a net 1.757 million residents to domestic migration, while California lost 1.632 million, Illinois 881,012 and New Jersey 350,111 over that period.”
Florida gained nearly 1.6 million and Texas 1.2 million.
The report, according to the New York Post, follows “an election where New Jersey chose to stay left and New York City opted to go farther left.
It explained, “It’s not uncommon to look at the one-year losses and gains of income from internal migration such as taxpayers fleeing New York for Florida, but that fails to capture the long-lasting impact: The migrant’s income is lost (or gained) year after year for the rest of his or her life.”
