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Higher Taxes, Lower Populations

June 25, 2018

Americans are leaving high-tax states in droves.


Over the past decade, 5 million Americans have relocated from high-tax states to low- or no-tax states.


And it’s not weather or jobs – it’s taxes.


None of the ten highest tax states voted Republican, while only three of the 10 lowest tax states voted for Hillary Clinton.


From 2007 to 2016, all but three of the highest 25 tax states lost population. New York (1.3 million), California (928,000), Illinois (717,000), New Jersey (516,000) and Ohio (346,000) lead the way.


However, over the same period, the biggest gains were in low- or no-tax states like Texas (1.4 million), Florida (845,000), North Carolina (549,000), South Carolina (361,000) and Washington (313,000).


Overall, 4.9 million Americans went from the 25 highest-tax states to the 25 lowest-tax states.


Perhaps coincidentally (or not), the states with the highest tax burdens are the worst at balancing budgets and often have poor fiscal health overall.


My conclusion is that poorly managed states force taxpayers to cover for bad choices.


And as this migration shows, taxpayers aren’t standing for it. Their leaving suggests high-tax states need to lower taxes and/or cut spending if they want to stop population losses.


As it stands, the “polling” is clear – Americans are voting with their feet and moving trucks.

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This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

Andrew Wood, Dan Simon and Alison Slezak are Investment Advisor Representatives. Advisory services are offered through CoreCap Advisors, LLC., a Registered Investment Advisor. CoreCap Advisors, LLC and Daniel A. White & Associates, LLC are separate & unaffiliated entities. 

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