New York and California saw the biggest exodus of people earning $200,000 or more a year, while Florida and Texas gained the most in 2020 and 2021, according to a Smart Asset report.
Florida netted 27,500 high-earners and Texas attracted 9,000 in those two years. Meanwhile, 45,000 folks taking in $200,000 or more a year high-tailed it out of California, and 31,000 left New York.
Despite cost-of-living challenges, the number of high-earning American households continues to grow. In 2021, 8.68 million tax returns indicated annual earnings exceeding $200,000—up from 8.57 million returns just a year earlier.
The migration of these high-earning households can have significant effects on a state’s tax base and finances.
New York, California, Florida and Texas also play pivotal roles in U.S. presidential elections, as they carry the greatest number of electoral votes in the nation: 28, 54, 30 and 40, respectively.
Besides New York, folks in the Northeast also left Massachusetts, New Jersey, Pennsylvania and Washington, D.C.
Other Southeastern states besides Florida attracting transplanted Americans include North and South Carolina, Tennessee, Georgia, Alabama and Arkansas.
The $200,000-plus tax base is growing the fastest in Idaho, Florida and Montana.
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