New IRS Migration Data: NY, CA, & IL Are The Big Losers Of People And Wealth; FL & TX The Big Winners

Biggest winners of domestic wealth migration 2020 4 23 1392x700Idaho is on this list as well. 

No big surprise there. People are fleeting to Red States. While it may appear that the whole world has gone insane, there are states of sanity. 

Illinois, New York and California continued their streak as the nation’s biggest losers of residents and their wealth to other states, according to a Wirepoints analysis of newly-released Internal Revenue Service migration data

Texas and Florida continued to be the nation’s big winners.

The latest IRS state-by-state migration data is based on tax returns filed in 2020 and 2021, covering taxpayers (tax filers and their dependents) who moved from one state to another between 2019 and 2020 (see appendix for changes in our reporting methodology). 

Florida, the nation’s perennial winner, gained in 2020 the most net people, 256,000, and the most net Adjusted Gross Income (AGI), $39 billion. Texas followed with a gain of 175,000people and $10.9 billion in AGI.

In contrast, states like California, New York and Illinois once again experienced some of the nation’s biggest losses. California lost more people than any other state, with more than 332,000 net movers taking $29 billion to other states.

Wirepoints’ accompanying Illinois analysis includes a long-term look at out-migration from the state.

https://wirepoints.org/new-irs-migration-data-new-york-california-illinois-are-the-nations-big-losers-of-people-and-their-wealth-florida-texas-the-big-winners-a-wirepoints-50-state-survey/