Skip to comments.California Residents, Businesses Leaving State to Avoid High Taxes
Posted on 01/28/2013 7:42:17 PM PST by Olog-hai
As the results of a new state income tax in California, a number of high-income earning individuals and small businesses are considering leaving the state.
In November, California residents voted to pass Proposition 30 into law. The law increase state income tax rates for the highest income earners. With the new law in effect, the highest earnersthose making more than $250,000 per yearnow pay state income tax of 13.3 percent.
While the increase in tax is expected to net California an additional $6 billion in revenue annually, the high-income earners affected by the change are not happy about it.
If you have excessive regulations and excessive tax, thats just not where you want to be, said Peter Farrell, the president of ResMed, manufacturer of medical equipment based in San Diego. ResMed has 600 employees, but the organization is considering relocating its offices outside of California. California is unfriendly. Its become an unfriendly business environment, continued Farrell.
(Excerpt) Read more at taxlawhome.com ...
Just hop on the bus, Gus, you don't need to discuss much.
Can't get more taxed than a Californian medical device manufacturer.
And what about actors? I know the Dems put in special provisions to support the movie industry but I don’t see how the individuals can get around this. They wanted it...they got it...now live with it. Just don’t expect me to pay higher ticket fees to support their lifestyle.
The statistic I have seen is that five business each week leave CA.
After a couple of years they will miss the California weather and come back. Money can’t buy you good weather. I’ll pay a bit more and stay. Did the humid thunderstorm, dodging tornadoes and living in a freezer thing already.
After a couple of years they will miss the California weather and come back. Money cant buy you good weather. Ill pay a bit more and stay.
Tijuana has good weather that money can’t buy. But, then again, there are more things besides either weather or money to consider when determining where the “good life” can be lived. If you love Tijuana today, you’ll love California tomorrow. Good luck with that.
It seems to me the founding fathers advised that all taxation must be proportional....
Not so in this get ‘em mentality of today. I do believe many of our fellow countrymen seek to enslave those of means and the ability to create wealth.
The outcome will not be good, I can assure you.
I wonder how long it will take California to appeal to the Federal Government to force high income individuals and companies to stay. After all, freedom of movement is just another one of those pesky rights guaranteed by the out dated Constitution.
BTW - I expect any day now to read that California is pushing, again, an attempt to claim a portion of military and civil service retirements based on the number of years you were stationed in California. They have attempted it twice and there is no reason to think they will not attempt it a third or fourth or fifth time.
“After a couple of years they will miss the California weather and come back. Money cant buy you good weather. Ill pay a bit more and stay. Did the humid thunderstorm, dodging tornadoes and living in a freezer thing already.”
Gee, nice weather or stripped of my liberty, which shall it be?
May your chains weigh lightly upon you.
I may end up on the news, but I'm keeping em.
There's some truth to this. If you leave CA for the upper mid-west or north east then the regret factor may be high.
Many rich will stay there, because they can afford it.
It's the 40-150K per year households than are driven out.
Less than 40K you likely qualify for some level of assistance.
So it's the land of the wealthy and the poor.
Seems to me those chains are stretching nationwide
but sooner or later, all these "tax the rich" schemes hit the middle and working classes..
After a couple of years they will miss the California weather and come back. Money cant buy you good weather. Ill pay a bit more and stay. Did the humid thunderstorm, dodging tornadoes and living in a freezer thing already.
California, soon to be the land of squatters.