Story perspectives

California's $91.4 Billion Income Loss Sparks Migration to Texas, Florida

3/26/2026

Summary

Story summary

From 2019 to 2023, California lost $91.4 billion in net income, the largest deficit in the United States.
High taxes and a housing shortage drive residents to Texas and Florida, where tax rates are lower.
California's highest marginal income tax rate is 13.3%, while Florida has no personal income tax.
Texas Realtors report a surge in Californians buying homes, with nearly $28 billion in income migrating to Texas.
Experts say the trend may continue unless California improves living conditions as remote work policies change.

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Story summary

From 2019 to 2023, California lost $91.4 billion in net income, the largest deficit in the United States.
High taxes and a housing shortage drive residents to Texas and Florida, where tax rates are lower.
California's highest marginal income tax rate is 13.3%, while Florida has no personal income tax.
Texas Realtors report a surge in Californians buying homes, with nearly $28 billion in income migrating to Texas.
Experts say the trend may continue unless California improves living conditions as remote work policies change.