By Corinne Murdock |
The latest Internal Revenue Service (IRS) migration report revealed that Arizona gained about $4.8 billion aggregate adjusted gross income.
Over 247,600 were reported migrating into Arizona from all 50 states. Nearly 63,100 from California, over 15,700 from Texas, over 15,000 from Washington, nearly 12,800 from Colorado, and over 12,500 from Illinois.
During the same period, the state lost over 169,400 individuals: over 25,300 to California, over 16,500 to Texas, nearly 9,000 to Colorado, over 8,800 to Washington, and over 7,600 to Florida.
Based on the latest IRS data, the Wall Street Journal editorial board discovered a pattern: high-tax states lost the most aggregate adjusted gross income. The majority of those states were blue, with Ohio being the exception.
New York lost $19.5 billion, California lost $17.8 billion, Illinois lost $8.5 billion, Massachusetts lost $2.6 billion, New Jersey lost $2.3 billion, Maryland lost $1.9 billion, Ohio lost $1.4 billion, Minnesota lost $1.2 billion, Pennsylvania lost $1.2 billion, and Virginia lost $1.1 billion.
California has the highest individual income tax rate in the nation at over 13 percent, followed by New York at nearly 11 percent, and New Jersey and Washington, D.C. at 10.75 percent.
They noted that Florida gained $23.7 billion, Texas gained $6.3 billion, North Carolina gained $3.6 billion, Tennessee and Nevada gained $2.6 billion, Colorado gained $2.3 billion, Idaho gained $2.1 billion, and Utah gained $1.3 billion.
Florida, Texas, Tennessee, and Nevada don’t have an income tax. North Carolina, Colorado, and Utah have flat income tax. Idaho has a graduated-rate income tax.
Arizona’s graduated income tax rate ranges from those individuals making up to about $27,800 at 2.59 percent to those making between $166,800 to $250,000 at 4.5 percent. Those making over $250,000 pay one percent of their taxable income, plus just over $10,000 and a 3.5 percent surcharge.
Corinne Murdock is a reporter for AZ Free News. Follow her latest on Twitter, or email tips to email@example.com.