February 3, 2023

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The Great Pandemic Wealth Migration

1 min read

House Democrats haven’t given up on repealing the 2017 tax reform’s cap on deducting state-and-local taxes. And if you want to know why, take a look at the latest Internal Revenue Service data showing a huge wealth exodus from high- to low-tax states.

Each year the IRS publishes data on the migration of taxpayers and aggregate adjusted gross income between states. Its latest release for 2020 shows that migration from high- to low-tax states surged amid pandemic lockdowns and a shift to remote work.

2022-06-03 18:46:00

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