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Millionaires Flee California After Tax Hike
Forbes ^ | July 6, 2018 | Patrick Gleason

Posted on 07/06/2018 2:11:38 PM PDT by EdnaMode

According to new research released by Charles Varner, associate director of the Stanford Center on Poverty and Inequality, California lost an estimated 138 high-income individuals following passage of the Proposition 30 income tax increase championed by Gov. Jerry Brown (D) and approved by Golden State voters in 2012.

This new research by Varner updates a previous paper released six years ago that looked at domestic migration to and from California following a 2004 income tax hike.

“One reason we wanted to update our previous paper is that this tax change in 2012 is the largest state tax change that we have seen in the U.S. for the last three decades,” Varner said.

Prop. 30 raised the state’s top income tax rate by 8%, increasing it one percentage point from 12.3% to 13.3%, which is now the highest state income tax rate in the nation. Prop. 30 also hiked the tax rate on income between $300,000 and $500,000 by two percentage points, and raised the rate on income in excess of $500,000 by three percentage points.

In 2016, California voters extended the Prop. 30 income tax increases, which were originally scheduled to expire in 2019, until 2030. There will be an effort to extend those income tax hikes yet again prior to their expiration in 2030; book it now.

(Excerpt) Read more at forbes.com ...


TOPICS: Business/Economy; Chit/Chat; Society
KEYWORDS: brown; ca; california; flee; jerrybrown; millionaire; millionaires; moonbeam; taxandspend; taxes
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138 out of how many millionaires?
1 posted on 07/06/2018 2:11:38 PM PDT by EdnaMode
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To: EdnaMode

Republicans are the party of the rich, dont’cha know?


2 posted on 07/06/2018 2:14:07 PM PDT by Luke21 (The Hill sucks.)
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To: EdnaMode

It says “high income” in the article,the header is misleading-—there are LOTS of millionaires in the USA today.

.


3 posted on 07/06/2018 2:16:12 PM PDT by Mears
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To: EdnaMode

IIRC there are about 2,500 California state income tax returns that pay about 90% of the California state income tax collected. The dumb asses is Sacramento never ask “What happens if a lot of the people in the top tax brackets leave California?”


4 posted on 07/06/2018 2:16:43 PM PDT by forgotten man
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To: EdnaMode

Great! Going where I’m moving to in October and bringing their nasty liberal policies with them.


5 posted on 07/06/2018 2:17:29 PM PDT by miss marmelstein
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To: EdnaMode

The problem with the liberal progressive festation abandoning California is that now it will spreads its liberal and progressive cancer to other parts of the country hardly touched by the cancerous plague.....


6 posted on 07/06/2018 2:19:05 PM PDT by cranked
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To: EdnaMode

If “millionaire” means assets, then about every house owner in CA is a millionaire.


7 posted on 07/06/2018 2:21:53 PM PDT by ProtectOurFreedom
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To: EdnaMode

Maybe it’s 138 of the bazillionaire commies that promised to flee the country when Trump won. But I doubt it. They have it too good here and will never keep their word to leave.


8 posted on 07/06/2018 2:23:37 PM PDT by certrtwngnut (4- Do something,,,,even if it's wrong.)
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To: EdnaMode

“138 out of how many millionaires? “

Probably all of them. Being a millionaire doesn’t mean that much today. I have a net worth of over a million, and I still buy at thrift stores.


9 posted on 07/06/2018 2:31:46 PM PDT by babygene (hMake America Great Again)
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To: ProtectOurFreedom

If it makes you feel any better then one of the main issues Gavin Newsome (the likely next Gov. of CA) has is to eliminate restrictions on annual property taxes and have them raised somewhere between 5% and 10% of assessed value.

That means as much as $100k on one of those 2br/1ba million-dollar cottages.


10 posted on 07/06/2018 2:32:00 PM PDT by MeganC (There is nothing feminine about feminism.)
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To: EdnaMode

They are also losing other people in the lower brackets, people like me. We moved in ‘14 and took my wife’s Calpers pension with us. I’m still working and now paying 2.3% in state taxes, not the 9% we paid in California


11 posted on 07/06/2018 2:36:36 PM PDT by Michael.SF. (California: drive illegally, you lose your license, here illegally, they give you one.)
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To: Michael.SF.

I left CA in 1992 and the state sent me threatening letters in the years that followed that I still owed about $37 in state tax. The final letter I got several years later had the total at $600+ because of penalties. Funny though: I researched it about six years ago and they no longer have a record of this. So, sorry for you Californians who had to make up for my bulls**t tax bill.


12 posted on 07/06/2018 2:49:34 PM PDT by Cleavis
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To: miss marmelstein

Judging by all of the CA license plates in town the last few months, they are all moving to my city. Along with a few thousand of their friends and relatives.


13 posted on 07/06/2018 2:49:45 PM PDT by Ribeye (Cranial Protection Equipment courtesy of Reynolds Aluminum)
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To: cranked; EdnaMode

Oh great! Now these “millionaires” will proceed to branch out and foul up other people’s nests.


14 posted on 07/06/2018 2:49:49 PM PDT by BBell (es-tu stupide):>()
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To: EdnaMode

Watch out, middle America, they’re coming at us from both coasts!

New York To Nashville, The Tax And Price Exodus Is Growing
http://freerepublic.com/focus/f-chat/3668864/posts


15 posted on 07/06/2018 2:49:58 PM PDT by Oscar in Batangas (12:01 PM 1/20/2017...The end of an error.)
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To: Ribeye

So sorry about that. But Idaho has always been on CA’s hit list, right? I think of Ben Stein (a conservative) who exited CA for that state. Why shouldn’t libs be far behind? I’m moving to a very obscure state, lol.


16 posted on 07/06/2018 2:52:57 PM PDT by miss marmelstein
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To: EdnaMode
NJ's top income earner relocates to Florida takes with him hundreds of millions of dollars that would have been tax receipts.
17 posted on 07/06/2018 3:00:31 PM PDT by DoodleBob
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To: EdnaMode

Tucker Carlson will highlight the feces and needles littering the streets in San Francisco on tonight’s show. Tourism in SF is dying rightfully so thanks to Liberals.


18 posted on 07/06/2018 3:01:50 PM PDT by ExTexasRedhead
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To: Ribeye

“Judging by all of the CA license plates in town the last few months, they are all moving to my city. Along with a few thousand of their friends and relatives.”

No, they’re moving to Northern Colorado and becoming born again mountain men in skinny jeans and nose rings.


19 posted on 07/06/2018 3:06:26 PM PDT by dljordan (WhoVoltaire: "To find out who rules over you, simply find out who you are not allowed to criticize.")
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To: EdnaMode

The high taxes set to specifically target certain categories of “high income” persons becomes a never ending circle the Liberals can’t get themselves out of, unless they quit being Liberals.

The kind of taxes they impose become taxes with diminishing returns to them, and then the Liberals must make those taxes worse (continuing to compound the problem) or broaden the classes of taxpayers whose taxes must go up, and thus broaden (lower) the income levels of people who can chose to leave to avoid the higher taxes.

Either way the higher taxes have diminishing returns leading to higher taxes to make up the losses, leading to diminshing returns, ad infinitum.


20 posted on 07/06/2018 3:10:31 PM PDT by Wuli
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