Rich people are leaving California taking their tax revenue with them

California's exodus has been well documented. In the past two years, more than 500,000 people have left the state for places with less crime, cheaper housing and different opportunities. After generations of growth, the state's population peaked at 40 million in 2019 but has been dropping ever since. A new study from the Public Policy Institute of California shows that the wealthy are fleeing the golden state, taking their tax contributions with them. The group says the trend could drastically reshape the makeup of the state as the top 1% of earners contribute 50 percent of the state's tax revenue with the top 10 percent of earners contributing 80% of taxes collected in the state.

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