GOING GALT, FLORIDA-STYLE: America’s ‘Atlas Shrugged’ Moment Has Already Arrived, New IRS Data Show.

New IRS data, however, show the speed with which blue states are losing taxpayers—and their adjusted gross income (AGI)—is increasing. A recent Wall Street Journal analysis found that more than 100,000 people left Illinois in 2021, taking with them some $11 billion in AGI, nearly double its 2019 total. For New York it was $24.5 billion, an increase of more than 150 percent from 2019. California, meanwhile, saw its AGI loss ($29 billion) more than triple since 2019.

That people are migrating from these states is important. But who is migrating is equally important, and the data paint a bleak picture for these states. Taxpayers giving up on the Prairie State and the Empire State made about $35,000 more per year than new arrivals. For Florida, the data are even more stark. The average income for a new arrival to the Sunshine State was roughly $150,000—more than double those leaving.

“In other words, the geese with the golden eggs are flying away,” writes economist Daniel Mitchell, referring to the IRS data.

Meanwhile: California panel approves $800 billion reparations package.

If that goes through, it should do wonders for California’s already-shrinking tax base.