America’s states face chronic budget shortfalls from ballooning pensions, entitlements, infrastructure promises, and post-pandemic spending. Politicians’ go-to fix? Target the rich with new wealth taxes on net worth, steep “millionaire” income surtaxes, capital-gains levies, or revived intangible property taxes.

New US Census Bureau and state data confirm that California’s long-running population outflow showed little sign of slowing in 2025, with Los Angeles County recording the nation’s largest numeric population decline and the Bay Area continuing to shed residents through domestic migration. While some stabilization appeared in U-Haul one-way moves, the broader trend—driven by high housing costs, taxes, and quality-of-life concerns—persists.