Cash-strapped states are finding it increasingly difficult to find new sources of revenue. Many states have turned to tax increases to sustain current levels of spending rather than making cuts in various programs. As a result, people have begun to move to different states to avoid the taxation, resulting in a net loss of revenue, says the Fiscal Times.
Five states top the list for shrinking populations according to migratory patterns:
- New York.
- New Jersey.
Some states have had a constant stream of people moving out of the state, like Ohio; yet the fact that Illinois has so many people moving out surprises many. However, the state has experienced an income tax increase of almost 67 percent, which has residents opting to leave the state.