Connect with us

Hi, what are you looking for?

Opinion

Rich Californians Are Leaving And Taking Their Tax Dollars With Them

via YouTube

California’s population declined by about 75,400 in 2023, with a significant number of wealthy individuals leaving the state.

This has led to a budget deficit and a substantial drop in tax revenues.

Factors such as the cost of living, housing market, and remote work have contributed to people moving out of California. (Trending: Prominent LGBTQ Activist Arrested Over Disturbing Charges)

Tax Foundation Vice President of State Projects Jared Walczak said, “California has led the nation for years in out migration and, recently, in outright population decline.”

“California is one of only a handful of states that is facing a budget deficit, and one of only a very small number that has seen tax revenues reversed in the past year,” he continued.

Adding, “Most states continue to see rising tax revenues.”

“Not only is the state highly exposed to fluctuations in the stock market, but it’s also heavily reliant on the wealthiest taxpayers and if they leave the state, the impact is substantial,” explained Walczak.

“California also has expansive government programs that rely for funding not only on these high net worth individuals but on the idea of continuing population growth and employment growth,” said Walczak.

Concluding, “The way you pay for the benefits in a state like California is by the next generation earning more than the last and paying more into the system.”

The state’s heavy reliance on wealthy taxpayers and population growth for funding government programs has put its long-term prospects at risk.

The state’s $68 billion budget deficit may require drawing from reserves and reducing spending to address the issue.

Additionally, seven other states also experienced population declines in 2023.

Most Popular:

FBI Bribery Probe Caught Joe Biden’s Brother On Tape

Bud Light Gets Bad News Ahead of Christmas

Supreme Court Delivers Historic Ruling on AR-15s

You May Also Like

Gallery

Nancy Mace: Trailblazer, Veteran, and Rising Political Star Significant staff turnover Republican Rep. Nancy Mace has experienced significant staff turnover, with her entire Capitol...

Media

A professor at Cal State University known for her involvement in Black Lives Matter criticized the Kansas City Chiefs’ Super Bowl victory and Taylor...

Gallery

In the annals of American politics, few legal battles have captured the public’s attention and scrutiny quite like the case involving Jack Smith’s classified...

Media

Bodycam footage of a February shooting at Lakewood Church in Houston showed responding officers confronting an active shooter situation. In the video, an off-duty...

U.S. News

A tour helicopter crashed on Honopu Beach in Kauai, Hawaii, injuring one passenger with a back injury. The pilot and three other passengers were...

Gallery

Unveiling the Sun: Fascinating Facts About Our Celestial Neighbor. The Sun, the radiant heart of our solar system, has captivated human imagination for millennia....

Gallery

Donald J. Trump, the 45th President of the United States, remains one of the most polarizing figures in modern political history. His rise to...