Americans Earning $200,000 Or More Have Fled These 10 Places

Americans Earning $200,000 Or More Have Fled These 10 Places

Affluent Americans have migrated away from some of the highest-taxed states since the Covid pandemic started — especially California and New York, a new analysis reveals.

Looking at migration patterns between 2019 and 2020, personal finance website SmartAsset ranked all 50 states plus the District of Columbia based on the net migration of households earning $200,000 or more.

Here’s a look at the places with the largest net outflow of high-earners:

  1. New York: -19,912
  2. California: -19,229
  3. Illinois: -8,044
  4. Massachusetts: -2,116
  5. Virginia: -2,099
  6. New Jersey: -1,833
  7. Maryland: -1,828
  8. District of Columbia: -1,730
  9. Minnesota: -952
  10. Ohio: -889

Perhaps tellingly, the places with the largest outflow of high-earning households have some of the highest tax burdens in the country, according to data from personal finance site WalletHub.

For these states, the tax burden — a measure of the proportion of total personal income that residents paid toward state and local taxes in 2019 — is nearly twice that of states with the lowest tax burdens. People in high outflow states have an average tax burden of 10.77%, while the national average is 8.63%.

New York has the most expensive tax burden of all states — 12.75% — as well as the highest outflow of high earners. Florida has the lowest tax burden — 5.75% — and gained around 20,000 high earners, the most of any state, according to SmartAsset’s analysis.

However, it’s worth noting that people in places with higher tax burdens also tend to get paid more. Most of the states with the largest outflow of affluent earners have median household incomes of $74,000 or more, well above the nationwide median of $65,712, per 2019 census data.

While lower taxes seems to be a factor in these migrations, other reasons for moving include warmer weather, as well as more people retiring during the pandemic. Of the 10 states with the largest influx of high-earning households, nine are located in the Sun Belt, a region defined by the study as the general geographic region stretching across the Southeast and Southwest.

To calculate the ranking, SmartAsset examined households with adjusted gross incomes of $200,000 or more, comparing the location reported in their 2019 tax return with the new location reported in their 2020 tax return. Each place was then ranked by the net inflow of high-earning households.

To determine each state’s tax burden, WalletHub used total tax revenue divided by total income for three tax types of state taxes: property taxes; individual income taxes; and sales and excise taxes.

Sign up now: Get smarter about your money and career with our weekly newsletter

Don’t miss: Mark Cuban: Buying real estate in the metaverse is ‘the dumbest’ idea ever

News Related

OTHER NEWS

A heated clothes airer is a new purchase worth the spend this winter

This heated clothes airer is about to make laundry in winter a whole lot easier. (Lakeland) It’s not just the bite in the air that makes us dread the winter. ... Read more »

Here's the Change Coming for Commuter Rail Riders at North Station

Here's the Change Coming for Commuter Rail Riders at North Station Beginning Saturday, Commuter Rail passengers will need to use new electronic fare gates to enter and exit North Station’s ... Read more »

Optus breach victims will get "supercharged" fraud protection

The Australian Federal Police (AFP) announced today the launch of Operation Guardian to ensure that more than 10,000 customers who had their info leaked in the Optus data breach will ... Read more »

Arizona Attorney General Calls Student Loan Forgiveness ‘Unconstitutional' in Legal Challenge to Biden's Plan

Arizona Attorney General Mark Brnovich has brought a legal challenge against the Biden administration’s sweeping student loan forgiveness plan, threatening to throw the accounts of tens of millions of borrowers ... Read more »

Art, beauty and a really good cup of coffee… Bettany Hughes goes in search of the good life around Europe

Roaring around the Arc de Triomphe in a vintage Citroen DS as the sun beats down must surely be the most perfect way to take in Paris. And it’s the ... Read more »

Hurley: The Dolphins and the NFL failed Tua Tagovailoa

BOSTON — We need to stop hiding behind the “I’m not a doctor” line. It’s cowardly. Most of us aren’t doctors, no. But we’re observant human beings. And we’ve seen ... Read more »

Conman who fooled 8,000 victims into pouring £400million into non-existent luxury Caribbean holiday resorts backed by stars including Phil Spencer, Pat Cash and Andy Townsend is jailed for 12 years

David Ames, 70, was jailed for 12 years today at Southwark Crown Court, LondonThe conman fooled thousands into investing into holiday homes and villasThe Harlequin Group was endorsed and advertised by celebrities and politicians Ames, from Essex, pocketed £6.2 million by getting savers to invest in his idea   Read more »

Michael Shannon To Executive Produce Haroula Rose Film ‘All Happy Families’ Starring Josh Radnor, Rob Huebel, Becky Ann Baker, Chandra Russell And John Ashton

Michael Shannon, Josh Radner, Becky Ann Baker, Chandra Russell, Haroula Rose Lauren Weissler/Sam Jones/Tom Bloom EXCLUSIVE: Josh Radnor (Hunters), Rob Huebel (The Descendants), Becky Ann Baker (Girls), Chandra Russell (Southside) and John Ashton ... Read more »

What's the Total Distance of Aaron Judge's 61 Home Runs?

Aaron Judge's historic 61st home run traveled 394 feet Read more »

Where is Rishi Sunak? Will ex chancellor be at Conservative Party Conference 2022 to support Liz Truss budget

The Prime Minister Liz Truss and her have (OBR) in a bid to move on from the week of . After the spooked investors, the against the dollar. since then ... Read more »

Scunthorpe car meet: man dies in hospital days after he was struck in horror crash that injured 10 others

A man has died in hospital five days after he was which injured 10 others during a horror crash at a car meet. after a Ford Fiesta smashed into the ... Read more »

Christian McCaffrey practicing again after going ‘zero dark thirty’ on Panthers

Christian McCaffrey is practicing with the Panthers after popping up on the injury report – bringing some clarity after the star running back kept the team “guessing” over the past ... Read more »

21 pro budget travel tips expert travelers use all the time

21 pro budget travel tips expert travelers use all the time MSN has partnered with The Points Guy for our coverage of credit card products. MSN and The Points Guy ... Read more »

Int’l Critics Line: Marco Martins’ ‘Great Yarmouth: Provisional Figures’

LevelK An authentic insight into migrant workers in Britain, the feature drama Great Yarmouth: Provisional Figures is an engrossing work that premiered in the San Sebastian Film Festival competition. Directed ... Read more »

The Ending Of Smile Explained

Paramount Pictures/YouTube Contains spoilers for “Smile” The following article includes plot-related discussions of suicide, drug abuse, and mental illness This year has been jam-packed withbreakout original horror movies like “Barbarian,” ... Read more »

How to get cheap flights and package holidays: expert tips including ‘Monday method’ and clearing cookies

The cost of living crisis is taking its toll on UK households, with families facing huge , and soaring inflation. To add to the money woes the cost of going ... Read more »

BREAKING: Christopher Nkunku Chelsea Medical Rumours Confirmed

The rumours suggesting Christopher Nkunku had completed a Chelsea medical this past summer have been confirmed. View the original article to see embedded media. News broke last night from BILD ... Read more »

Where Li-Cycle Holdings Stands With Analysts

Over the past 3 months, 4 analysts have published their opinion on Li-Cycle Holdings (NYSE:LICY) stock. These analysts are typically employed by large Wall Street banks and tasked with understanding ... Read more »

Cape Girardeau Regional Airport closing runway for Taxiway B project

Runway 10-28 at the Cape Girardeau Regional Airport is expected to be closed for 10 days. CAPE GIRARDEAU, Mo. (KFVS) – The Cape Girardeau Regional Airport is moving forward with ... Read more »

Mary-Kate and Ashley Olsen make a rare joint appearance at Paris Fashion Week show for The Row as they pose with model Rosanna Ovalles Robles

Mary-Kate and Ashley Olsen made a rare joint appearance at a show for their brand, The Row, that took place as part of Paris Fashion Week on Wednesday. The former ... Read more »

How Long Do The Price Is Right Winners Need To Wait For Their Prizes?

Cliff Lipson/CBS Since 1972, home audiences have enjoyed watching regular people compete to win big on “The Price is Right.” Since its arrival, the show has become one of the ... Read more »

Chicago Fire Fans Are Not Holding Back Their Feelings On Stella In Season 11

NBC/YouTube There are plenty of “Chicago Fire” characters that fans have conflicted feelings on, but one member of the Firehouse 51 crew that often takes the center of debate is ... Read more »

Atlassian smartens up security, licensing admin tools

Atlassian smartens up security, licensing admin tools And bundles its best bits at bargain price in case someone wants you to work their way for a while Atlassian is plugging ... Read more »

Kuwait vote shakes up assembly amid political gridlock

Kuwait vote shakes up assembly amid political gridlock Voters in Kuwait have chosen to shake up their parliament and sent two women to the assembly in the Gulf Arab nation’s ... Read more »

My Best Friend's Exorcism Review: High School Is Hell

Amazon Studios EDITORS’ RATING: 6.5/10 Pros The cast is great The balance between horror and comedy is good Cons It takes a bit too long to get to the main ... Read more »

Rite Aid bosses blame out-of-control NYC shoplifting for $5M revenue hit

Rite Aid execs singled out the theft problem at NYC stores. Getty Images Top Rite Aid executives grumbled about a widespread shoplifting problem in New York City after the retailer ... Read more »

'Subpoenas are coming' on alleged FBI misconduct when GOP takes back Congress, Rep. Stefanik says

New York Republican calls on FBI Director Wray to resign amid agency 'targeting conservatives internally' Read more »

Army secretly allows shooting dogs, cats for research

WASHINGTON – It’s not just curiosity killing the cat anymore – it could be the Army. The Army Medical Research and Development Command has quietly allowed shooting cats and dogs ... Read more »

20 Questions On Deadline Podcast: Melissa Barrera Reveals ‘Scream 6’ Timeline, The Magic Of ‘Carmen’ & Her Role In Warhol-Basquiat Story ‘The Collaboration’

Chris Chapman for Deadline Get ready, Scream fandom! This week’s 20 Questions On Deadline guest is Melissa Barrera. The Vida and In the Heights breakout star and Scream alum spills ... Read more »

FDA approves Amylyx ALS drug

Amyotrophic lateral sclerosis affects approximately 29,000 people in the US Read more »

Siakam sets pace at Raptors camp with work ethic

VICTORIA – There is no beating Pascal Siakam to the gym in the morning. The Toronto Raptors forward is setting the pace at training camp in Victoria, as the first ... Read more »

Michelle Monaghan looks fit in a bra top that flashes her flat tummy as she heads to a hair salon in Los Angeles where a blow out costs $350

Michelle Monaghan looked fit and relaxed as she arrived for a day of pampering Thursday in Los Angeles. The 46-year-old actor showcased her toned tummy and legs in a black ... Read more »

Iranians are exposing their regime’s abuses online — and the world is watching

For days, Ariana Afshar grappled with whether or not to post on social media about the deathofMahsa Amini, a 22-year-oldKurdish woman, in Iran. Iranian officials are investigating after they said ... Read more »

The Young Sheldon Season 6 Premiere Heavily Foreshadows An Impending Tragedy

Amy Sussman/Getty Images “Young Sheldon” returned with a dramatic Season 6 premiere following the explosive Season 5 cliffhanger finale. After a series of events shakes up the Cooper family, the season ... Read more »

Did The Ending Of Hocus Pocus 2 Hint At Another Movie?

Matt Kennedy/Disney Warning: This article contains spoilers for “Hocus Pocus 2” After the end of the original “Hocus Pocus,” one could be forgiven for believing that the Sanderson sisters were ... Read more »

Pakistan launches anti-harassment hotline for trans people

Pakistan launches anti-harassment hotline for trans people Pakistan has launched a special hotline for transgender people in an effort to protect their rights and save them from discrimination and harassment ... Read more »

Apple Inc. (AAPL) Is a Trending Stock: Facts to Know Before Betting on It

Apple (AAPL) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the ... Read more »

El ‘Perro’ Bermúdez se despidió de la afición angelina rumbo a su último Mundial como narrador del Tri

Los murmullos se fueron haciendo cada vez más fuertes, ocasionando que muchos se levantaran de sus asientos apresurando sus celulares y cámaras para captar al personaje que acababa de ingresar ... Read more »

Lenovo ThinkReality VRX wants to help your business embrace virtual reality

null Lenovo has released a business-focused mixed-reality headset as it looks to help companies of all sizes explore the possibilities of the metaverse. The ThinkReality VRX all-in-one headset boasts a ... Read more »

Olivia Benson Fans Are Over The Moon After Law & Order: SVU Season 24 Episode 2

NBC “Law & Order: Special Victims Unit” kicked off its 24th season with an epic three-hour crossover event with the mothership series and “Organized Crime.” While that was all good ... Read more »
Breaking thailand news, thai news, thailand news Verified News Story Network