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A new analysis of IRS data reveals the mass migration of Americans from blue states to red states and the significant ramifications as a result of the widespread resettlement.
Wirepoints – an Illinois-based economic research company – analyzed migration data released by the IRS for 2020. The Internal Revenue Service information divulged that not only was there a mass migration from red states to blue states, but the re-settlers took with them tremendous wealth from Democrat-controlled states to Republican ones.
The analysis of IRS data found that Florida attracted 624,000 new residents in 2020 and the state garnered more than $41.1 billion in Adjusted Gross Income (AGI). The Sunshine State gained $23.7 billion in net new taxable income in 2020 from the influx of new residents – an increase of 3.3% of the state’s total AGI compared to 2019.
Texas enjoyed an inpouring of new residents from other states with a net income increase of $6.3 billion. Arizona benefitted with a $4.8 billion gain, North Carolina had a net gain of $3.8 billion, and South Carolina increased by $3.6 billion.
Democratic-controlled states suffered a mass exodus of residents and taxable income. New York lost a whopping $19.5 billion in net income in 2020 after 250,000 people fled the state. California took a licking as 263,000 residents flocked to other states – which resulted in a net income loss of $17.8 billion. Illinois suffered a decrease of $8.5 billion in net income in 2020, while Massachusetts lost $2.6 billion, and New Jersey hemorrhaged $2.3 billion. u201cA 50-state survey: New 2020 IRS domestic migration data reveals #Florida is the biggest winner, #New York the biggest loser, in the competition for people and their wealth. Via @Wirepoints nnhttps://t.co/wFfVaITro4 #twill #muniland @irsnewsu201d — Wirepoints (@Wirepoints) 1653476586 Wirepoints noted that these extraordinary and debilitating losses of income […]
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