If Gavin Newsom runs for President, he will have some explaining to do. As the Governor of California, he’s overseeing a significant decline on nearly any measurable, from the quality of life for residents, tax revenue, homelessness issues, out-of-control crime, and woke ideology being woven into the education system.
According to the U.S. Census Bureau, the state has seen a population decline for the third straight year. The problem for Newsom and Cali is that many people ditching the state are uber-wealthy, which means no state has seen a larger income loss because of the mass migration out of state.
A study by MyEListing has revealed that in 2021, California lost more than $340 million in IRS tax revenue.
Silicon Valley is in Cali, and so is Hollywood and the world’s entertainment capital, and smart, rich people are finding ways to maintain their businesses and careers while no longer being a resident: Paging Joe Rogan, Elon Musk, Mark Wahlberg, and countless others.
Here is part of a statement from the study. “Despite its numerous attractions … beautiful landscapes and cultural richness, California’s high personal income tax rates seem discouraging for many high-wealth individuals. This, coupled with the state’s high cost of living, will likely fuel a wealth migration out of California.”
The report revealed that Florida gained the most from new residents, seeing a $12.4 billion increase in tax revenue. Texas ($10,7 billion) and Arizona ($9.4 billion) also scored big-time in found tax revenue courtesy of former Californians.
There’s a good chance the news about 2022 and 2023 will be even worse for California and Newsom.
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