No of Californians emotional to TX hits highest level in nearly a decade

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Source:   —  April 01, 2016, at 4:34 PM

According to IRS migration data, which uses individual income tax returns to record year-to-year address changes, over 250.000 CA residents moved out of the state between two thousand thirteen and two thousand fourteen, the latest period for which data was available.

The no of Californians leaving the state and emotional to TX is at its highest level in nearly a decade, according to data from the Internal Revenue Service.

According to IRS migration data, which uses individual income tax returns to record year-to-year address changes, over 250.000 CA residents moved out of the state between two thousand thirteen and two thousand fourteen, the latest period for which data was available. The tax returns reported more than $21 billion in adjusted gross income to the IRS.

Of the returns, 33.626 reported address changes from CA to Texas, which has been the top destination for individuals leaving CA since two thousand seven. Californians who moved to TX between two thousand thirteen and two thousand fourteen reported $2.19 billion in adjusted gross income.

The no of returns showing address changes from CA to TX hasn’t been this high since the period 2006-07. During that period, 34.078 returns were filed showing address changes to Texas.

Fewer Texans moved to CA during the 2013-14 period. The IRS reported 21.391 returns with address changes from TX to California. The returns reported $1.56 billion in adjusted gross income.

“California’s taxes and regulations are crushing businesses, and there are more opportunities in TX for people to start new companies, obtain excellent jobs, and create better lives for their families,” said Nathan Nascimento, the director of state initiatives at Freedom Partners. “When tax and regulatory climates are bad, people will move to better economic environments—this phenomenon isn’t a mystery, it’s how marketplaces work. Not only should other state governments get note of this, but so should the federal government.”

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