An interesting statistic I saw last week on X/Twitter: States which Trump won in the 2024 election gained $37.2 Billion in income; states which Harris won lost $40.8 billion in income (this is based on 2023 IRS data). The top ten states gaining:
- Florida +$20.6 Billion
- Texas +$5.3 Billion
- South Carolina +$4.1 Billion
- North Carolina +$3.9 Billion
- Tennessee +$2.7 Billion
- Arizona +$2.7 Billion
- Nevada +$1.5 Billion
- Idaho +$981 Million
- New Hampshire +$743 Million
- Georgia +$678 Million
The only state in the top ten that voted for Harris was New Hampshire, a state famous for being independent and low tax. Which states fared the worst? “Bring me the usual suspects!” New Jersey, Massachusetts, Illinois, New York, and California bring up the rear.
This trend isn’t new; I moved from California to Nevada in 2011 and noted how much AGI California had lost back in 2011. If taxes become too high, people move.
And California is considering a billionaire tax?! That’s definitely a penny-wise, pound foolish move: many billionaires have already fled the state; that’s going to reduce California’s tax collections…and the billionaire tax isn’t even law yet.
Taxes matter.
