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September 06, 2023 at 04:39 PM
People in the 26-to-35 age group with incomes of $200,000 or more can account for a disproportionate amount of tax revenue despite this group’s small size — just 2% of tax returns filed show that much income — because they make up 16% of this cohort’s income, SmartAsset recently reported.
State officials welcome young high earners whose outsize tax base can increase government revenues and bolster local businesses. For advisors, these potential clients may hold significant investment assets.
SmartAsset’s examination of Internal Revenue Service data for tax year 2021 for the 50 states and the District of Columbia showed that some states are enjoying an influx of wealthy young professionals, while others are seeing only their backs as they move away.
See the gallery for the 10 states young, wealthy residents are fleeing, according to SmartAsset.
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