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Wealthy Californians are leaving the state in large numbers, looking for lower taxes, fewer regulations, and different socio-political climates.
More than 750,000 more people left California than arrived in recent years, and they took their taxable income left with them.
Analysis of IRS data shows the average gross income of California taxpayers who moved to another state was about $137,000. People who moved to California made an average of $75,000.
Economists say that with the state projected to have a $68 billion budget deficit, the dwindling high-tax bracket income is going to be sorely missed.
About 50,700 Californians became Florida residents from 2021 to 2022, according to data from the Census Bureau's American Community Survey.