Solely 2% of Individuals ages 26 to 35 have an revenue of $200,000 or extra, however they make up 16% of the revenue for this age group, SmartAsset stated in a brand new report. As such, they signify an outsize tax base that may fatten the coffers of native companies and governments.
That additionally makes this age cohort a bunch welcomed by officers hoping they’ll transfer to their state. SmartAsset examined Inside Income Service information for tax 12 months 2021 for the 50 states and the District of Columbia to search out out which areas are benefiting essentially the most from the influx of young, rich professionals.
Researchers discovered that Washington has a disproportionately excessive variety of respondents ages 26 to 35 who make not less than $200,000, adopted by California with 10%. New York, Massachusetts and New Jersey even have many younger excessive earners.
On the similar time, New York and California have the best outflows of younger, wealthy professionals, at 5,062 and 4,495, respectively.
The evaluation confirmed that the District of Columbia stands out from the 50 states. Though it misplaced about 700 younger high-earning tax filers, 16% of residents incomes greater than $200,000 fall into the 26-to-35 age bracket, larger than any state.
See the gallery for the 12 states the place the younger and wealthy are shifting, based on SmartAsset.
