A recent examination of IRS data indicates the enormous relocation of Americans from blue to red states, as well as the severe consequences of this broad resettlement.
The IRS revealed migration statistics for 2020, which was evaluated by Wirepoints, an Illinois-based economic research firm. According to IRS data, not only was there a major shift from red to blue states, but the re-settlers also brought significant wealth from Democrat-controlled areas to Republican-controlled states.
A 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 https://t.co/wFfVaITro4 #twill #muniland @irsnews pic.twitter.com/CLF0BmgomR
— Wirepoints (@Wirepoints) May 25, 2022
According to IRS data, Florida gained 624,000 new residents in 2020, bringing in more than $41.1 billion in adjusted gross income (AGI). The Sunshine State earned $23.7 billion in net additional taxable income in 2020 as a result of the flood of new people, up 3.3 percent from the previous year.
Texas benefited from an influx of new people from other states, resulting in a $6.3 billion gain in net income. Arizona saw a $4.8 billion rise, North Carolina saw a $3.8 billion increase, and South Carolina saw a $3.6 billion increase.
#NewYork was the nation's biggest loser of people and wealth in 2020 (#IRS data). Lost a net $19.5B in Adjusted Gross Income.
— Ted Dabrowski (@ilpoliski) May 25, 2022
NY's AGI losses have piled up for 21 straight years. The cumulative AGI lost since 2000 is $1 T. Via @Wirepointshttps://t.co/ZKlX4J1JOH #twill pic.twitter.com/vCD4Oa4RUX
Residents and taxable income left Democratic-controlled states in droves. After 250,000 individuals left the state, New York lost $19.5 billion in net income in 2020. California suffered a beating as 263,000 citizens moved to other states, resulting in a $17.8 billion loss in net revenue. In 2020, Illinois’ net income dropped by $8.5 billion, while Massachusetts lost $2.6 billion and New Jersey lost $2.3 billion.
Wirepoints highlighted that these exceptional and severe revenue losses occur on a regular basis, adding up to a large amount of money.
