Locator: 51268TEXASWEALTH.
Query:
Most recent data. With so much migration of high income earners moving from Califorinia to Texas, how much is it estimated that California is interested in lost state income tax?
Reply:
This is really quite a story. Not unexpected but IRS is noting huge numbers, and the numbers will likely be better going forward.
So many articles in the mainstream press suggest it is Florida that is gaining the most from high-income individuals moving to other states but in fact it's Texas as reported by the US:
Can you imagine this? State income tax for high earners? In California, earning $1 million could cause you to pay as much as $130,000 per year to the state, and, of course, a much higher rate at the federal level.
And New Yorkers? The state where would it be even worse if one had a pied-à-terre?
Being reported now by the IRS:
According to the latest Tax Foundation analysis of IRS migration data, California, New York, and Illinois are losing the most overall wealth and taxpayers to high-growth states like Texas.
Link here, the Tax Foundation. This is being reported by "Tax Foundation.Org":
The Tax Foundation. org is naming these five cities, all in the state of Texas: Dalla, Ft Worth; Houston, Austin, and San Antonio.
From what states billionaires and millionaires moving to Texas: New York, California, and Illinois.
The latest migration data by state is reported here by the IRS, link here. Absolutely amazing.
According to IRS data, these are the five states losing wealth: California, New York, Illinois, New Jersey, and Massachusetts. And where are they moving to? Texas (the five cities as noted above) and followed by Florida.
