Wealthy people, graduates of prestigious universities and sought-after professionals are leaving California in droves due to ever-increasing taxes and rising real estate prices. The newspaper reports this Los Angeles Times.
The budget deficit in the richest US state will hit a record $68 billion next fiscal year, according to state budget analysts. These figures are driven by a mass exodus of wealthy Californians and corporations to other states where taxes and environmental requirements are lower. With the migration of the rich, tax revenues transferred to the state treasury are also decreasing.
The migration of companies also led to increased unemployment and reduced income for local people. The most popular states to move to were Florida as well as Texas, where Elon Musk went and moved his company Tesla. The states of Tennessee and Nevada are slightly lower in the rankings – in Tennessee, for example, wealthy Californians are attracted by the lack of a personal income tax.
A significant portion of the companies leaving California are tech giants, which is critical for a state where high tech accounts for a significant portion of its gross product.
Until then, the United States is temporarily blocked Mexican border due to increased flow of immigrants.
Formerly at the Russian Ministry of Foreign Affairs stated On the serious damage Western sanctions are doing to global economic growth