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Rich, young people are leaving California and New York for the Sun Belt.
The young and the rich — considered to be filers aged 26 to 35 and earning $200,000 a year and more — have been moving to Florida and Texas in high numbers, according to a new survey released by SmartAsset, which looked at migration data from the Internal Revenue Service for the tax year 2021.
“High earners can make up a disproportionate amount of tax revenue. For people aged 26 to 35, only 2% of tax returns filed show an income of $200,000 or higher,” Jaclyn DeJohn, managing editor of economic analysis at SmartAsset wrote. “Despite its small size, this cohort actually makes up 16% of the income for this age group — an outsized tax base that can impact local businesses and government revenues.”
New York lost the most young, high earners — it had a net loss of 5,062 — followed by California — with a net loss of 4,995.