Rich folks are dipping, poor immigrants coming in. New IRS data shows Cali lost $24B in personal income from people moving out in ’21-’22. The ones leaving? Way richer and more likely to have families than those coming in. Looks like the poor are chasing the Cali dream while the rich are saying ✌️
Cali lost 144,203 taxpayers in 2 years = $24B income gone. Leavers have 38% more dependents and make $130,946 on average. Newcomers? Only $111,689 – that’s 15% less.
Ex-senator John Moorlach says this ain’t good for Cali’s future tax income. It’s not just people leaving – whole companies are bouncing. 304 businesses have left since 2019!
Gov Newsom’s bragging about population growth from immigrants, but the $$ data shows they’re swapping rich families for poor individuals.
Since Sept ’22, Cali’s lost 154,000 private sector jobs but gained 361,000 public/tax-funded ones. Even booming industries nationwide are shrinking here.
Bottom line: Productive jobs ⬇️, tax-funded jobs ⬆️. Not good.
With a $47B deficit, Cali might have to cut those tax-funded jobs. Folks relying on that support could be in troubl
