Taxable income fuels government financial engines. Some states are rapidly running out of gas.
Last week, the Internal Revenue Service released new migration statistics based on individual income tax return filings. We have added the data to Truth in Accounting’s State Data Lab, including migration for the number of returns, the number of exemptions (people), and the amount of adjusted gross income (AGI).
In the last five years, the five states with the highest net outmigration of per-taxpayer AGI turn out to be (in order, highest first) Connecticut, Illinois, New York, New Jersey, and Maryland. Among those five states, 2016 marked the worst year of the last five.
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