Blue States Hemorrhaged  $2 Trillion to Red States over Ten-year Period

Almost $2 trillion in gross income has moved from Democrat to Republican states between 2012 and 2023.

According to the Committee to Unleash Prosperity, which analysed IRS migration data, the movement represents one of the largest interstate transfers of wealth in US history, and is redefining the nation’s financial and political geography.

High-tax Democrat states like California and Illinois have hemorraghed money to Republican states like Florida, Texas and Tennessee.

The largest losses were suffered by New York, which lost close to $665 billion in adjusted gross income over the period of the study.

California lost $554 billion, followed by Illinois with $331 billion.

Florida was the biggest beneficiary, gaining $1.4 trillion in new income, followed by Texas with $438 billion.

The Post Millennial notes, “The numbers suggest Americans are increasingly fleeing high-cost, heavily regulated blue states in favor of lower-tax, business-friendly red-state economies. The migration trend has accelerated over the last decade as soaring housing costs, rising taxes, crime concerns, and growing affordability crises have pushed residents out of many Democrat-run states.

“At the same time, Republican-led states across the South and Southwest have aggressively marketed themselves as pro-growth alternatives with lower taxes, cheaper energy, fewer regulations, and lower costs of living.”

 The trend of wealth transfer accelerated as a result of the COVID-19 pandemic. Remote working allowed many professionals to move states without changing their jobs, saving significant amounts of tax as a result.

“As wealthy residents leave Democratic strongholds, shrinking tax bases create growing fiscal pressure on state governments already facing high spending obligations,” the Post Millennial explains.

“The cycle in blue states has become: rising taxes and costs drive residents out, which then increases pressure on lawmakers to raise taxes even further, effectively doubling down on the very policies driving the exodus.”

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