Wealthy Californians are leaving the state in large numbers, looking for lower taxes, fewer regulations, and different socio-political climates. As 750-thousand more people left California than arrived in recent years, 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 thousand dollars. People who moved to California made an average of 75 thousand dollars.
Economists say that with the state projected to have a 68-billion-dollar budget deficit, the dwindling high-tax bracket income is going to be sorely missed.