The population of California posted a decline of about 75,400 people over 12 months ending July 1, the U.S. Census Bureau said Tuesday.
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It linked that deficit largely to a "severe revenue decline" that involved a 25% drop in total income tax collections in 2022-2023. Things like the postponement of certain tax payments and
economic weakness played into that, according to the office’s report.
Between 2020 and 2021, there was a net of over 27,300 fewer tax returns in California that reported an adjusted gross income of at least $200,000,
the Tax Foundation found, citing IRS migration data.
California "has now gotten to the point where they’re seeing an actual decline, which is extremely rare, but has long seen a net out migration," he said. "It’s not a coincidence that California poses some of the country’s highest taxes at a time of much greater tax competitiveness when 29 states have cut individual or corporate income taxes in the past three years. California is only one of a handful to have actually raised taxes."
Roughly 40% of revenue that California brings in on a yearly basis from personal income tax comes from the top 1% of taxpayers in the state.
And the 1%'s are saying SEE YA!!!