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California's Wealthy Flee to Texas, Florida Amid Tax Debate

1/14/2026

40 5 Full Breakdown

Summary

Story summary

California is losing population as wealthy residents move to Texas and Florida for lower taxes.
From 2021 to 2024, Texas and Florida posted the largest net population gains.
The proposed 2026 Billionaire Tax Act would retroactively tax the ultra-wealthy, drawing criticism from Governor Gavin Newsom (California).
Republican governors in Texas and Florida say they benefit from the trend.
Newsom advocates a national approach to taxing the wealthy.

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Story summary

California is losing population as wealthy residents move to Texas and Florida for lower taxes.
From 2021 to 2024, Texas and Florida posted the largest net population gains.
The proposed 2026 Billionaire Tax Act would retroactively tax the ultra-wealthy, drawing criticism from Governor Gavin Newsom (California).
Republican governors in Texas and Florida say they benefit from the trend.
Newsom advocates a national approach to taxing the wealthy.