Wealthy Fleeing High-Tax States, States Fight Back
Charleston West Virginia News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Wealthy individuals and businesses are fleeing high-tax states like California and New York, leading to proposed wealth or exit taxes in at least ten states. Starbucks CEO Howard Schultz and companies like ExxonMobil, Uber, and Yamaha Motor have already made the move to lower-tax states. JPMorgan Chase CEO Jamie Dimon criticized New Yorks high taxes, while New York Governor Kathy Hochul acknowledged the shrinking tax base. Fresh IRS data shows California losing nearly twelve billion dollars in revenue, New York dropping nine point nine billion, and Florida and Texas gaining. California alone shed close to two hundred thirty thousand residents. These tax grabs may provide short-term relief, but the migration trend may continue to challenge states.
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