California lost 2.2 million people with a combined Adjusted Gross Income of $48 billion. All of the top 10 net-loss states were blue states, with the exception of Louisiana, which lost people due to Hurricane Katrina.
You can only tax the productive class so much before they get out of Dodge.
And where are these economic refugees landing? Low tax states like Florida, Arizona, North Carolina, Georgia, and Texas.
California's 9.55% income tax on that lost $48 billion in income would be a big chunk of the state's chronic deficit.
Memo to Democrats: people respond to incentives!
See also Skeptical CPA: Escape from New York and CEO survey: California worst state for business.
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