Cali’s losing big bucks as people bounce – $24B gone with movers

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