Again, no surprises. High-tax states are collapsing before our eyes, and, of course, it is the states with the most population that lose the most net income.
However, I would point out one anomaly: the awful performance of Minnesota. Minnesota lost $1.5 billion of income in 2023, almost the same as Ohio. But Ohio has more than twice Minnesota’s population. Likewise, Minnesota lost one and one half times the net income of Michigan, but Michigan’s population, too, is close to double that of Minnesota. So on a per capita basis, only Maryland shares the basement with Minnesota. Per capita, even the disaster that is Gavin Newsom’s California rates only slightly worse than Minnesota.
Maybe someone will tell Minnesota voters about this between now and the Fall.
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🔴 Red states gained $37.2 billion in income and 492k filers.
🔵 Blue states lost ~$40.8B and 520k filers.
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But now, looking at the deficits caused by absurd spending, and tax policies accelerating revenue erosion, I can say avoid all General Obligation muni’s in California, Illinois & New York.
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I got this email yesterday from CA State Board of Equalization, the new California sales tax rates effective April 1st.
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Here is the satellite view of JB Pritzker’s home away from home, away from Illinois, indeed away from the US, but near his billions in an offshore tax haven