2 while Summit County, Utah, site of the Park City ski resort, was No. Washoe County, Nevada, which includes Lake Tahoe’s Incline Village, was No. Two other ski resort-heavy counties made the top 10 destinations of San Francisco’s wealthiest movers. That is an average of $586,000 per person, according to the IRS data.” “The data showed that 40 different families, comprising 63 people total, filed their 2019 taxes in San Francisco and then filed their 2020 taxes in Teton County, accounting for a total of $37 million in income moving from San Francisco to Teton. “The county that saw the wealthiest movers from San Francisco on average was Teton County, Wyoming, home to Jackson Hole and its famed ski resorts,” the Chronicle reported. Collectively, they took $10.6 billion in income with them while people who moved to the city during that period reported just $3.8 billion in income.
The newspaper found that 39,000 San Franciscans who had filed federal tax returns for 2018 had moved out of the city before filing 2019 returns. The San Francisco Chronicle shed some light on that phenomenon when one of its reporters dove into Internal Revenue Service data that revealed favorite destinations of high-income former San Franciscans. There is, however, a less obvious subset of those who leave California - high-income families seeking relief from the state’s notoriously high taxes. Johnson also notes that those who leave California tend to be poorer and less educated than those who migrate to the state, which is not surprising given that housing and jobs dominate motivations. “Most people who move across state lines do so for housing, job, or family reasons,” Hans Johnson, a demographer for the Public Policy Institute of California, wrote earlier this year. That gives rise to a question: Who is leaving California and why? Since 2010, 7.5 million people have left California while 5.9 million people have come from other states.
California is losing population and some of those leaving the state are high-income taxpayers who provide a huge share of the state’s revenues.Īfter 170 years of population growth - occasionally explosive growth - California is now experiencing population loss for the first time.Īs foreign immigration and birth rates declined, they no longer offset net losses in state-to-state migration.
0 kommentar(er)
