Outmigration to other states cost California $24 billion in outgoing personal incomes across 2021 and 2022, according to new IRS data.
Departing Californians were significantly wealthier and more likely to have children or spouses than incoming Americans, suggesting wealthy families are leaving the state as poorer individuals come to seek their California dream.
California lost a net 144,203 tax filers in the two years, representing $24 billion in lost personal adjusted gross income for the state.
"It's not only employees that are leaving, it's entire businesses. Consequently, it's not as if we need in-migration to fill empty positions. The positions left, too." 304 companies have left California since January 2019, according to the California Policy Center's California Book of Exoduses, which tracks corporate exits from California.
California Governor Gavin Newsom touted the state's return to population growth this year thanks to rising foreign immigration and a slowdown in outmigration, but this financial data shows the state is trading higher income families for lower income individuals.
A new state report found the state's private sector has lost a net 154,000 jobs and gained 361,000 public sector and taxpayer-supported jobs since September 2022.
California is shedding jobs even in sectors growing nationally, such as the information, real estate, finance, and insurance industries.
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