California Is Minting Millionaires While Its Population Declines

Published on March 30, 2024

While the state’s population is on the decline, the number of millionaires in California is increasing, according to the most recent data covering 2021 released by the Internal Revenue Service and the state’s Department of Finance. Approximately 400,000 fewer tax returns were filed in 2021 than the year before, but total tax revenues collected jumped about 20 percent to a record high of more than $125 billion. About 116,000 residents became millionaires between 2019 and 2021, and trends reveal a growing gap between the lowest and highest earners, with the number of Californians earning more than $50 million per year spiking 158 percent during the same time period, according to data requested and emailed to The Epoch Times by Gov. Gavin Newsom’s office....

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