A survey conducted by SmartAsset tracked the movement of so-called “rich young professionals,” which it described as anyone under 35 earning an adjusted gross income of at least $100,000.
SmartAsset determined the inflow and outflow of rich young professionals in all 50 states and the District of Columbia by using Internal Revenue Service data to compare tax returns from 2019 and 2020.
It seems young professionals are most eager to leave New York. With a net outflow of 15,788, this state had the highest number of individuals leaving by a significant margin. With a net outflow of 7,960, California also appears to be losing allure for rich young professionals.
This survey measured raw numbers, so of course the states with large populations float to the top. But the lessons should be heeded by Wisconsin. High-earning young professionals are gold for a state economy and culture. Wisconsin should work to attract them. Wisconsin has some wonderful natural attractions, but the tax burden and winters work against it. Wisconsin can’t do anything about the winters, but they can do something about the tax burden.
End the income tax. Reform K-12 education so that young professionals want to educate their kids here. Get crime under control. The recipe is easy, but Wisconsin needs to get cooking.