Posted on 03/11/2019 10:31:23 AM PDT by Mariner
Are rich people fleeing California to escape astronomical state income taxes? That’s the word. But it’s fake news.
In fact, more wealthy people are moving to California than leaving, research indicates. It’s the poor and middle class who are departing.
It makes sense. If you’re getting rich in California and can afford to live comfortably here in this balmy climate, there’s little incentive to leave — except to stick it to the tax collector in Sacramento.
“If you’ve got your business here and you’re making money, it’s hard to leave,” says Allan Zaremberg, president of the California Chamber of Commerce.
“And if you’re making money in California, you’re still going to get taxed here even if you live in Texas,” he said. “You get taxed where you make the money, regardless of where you live.”
Loren Kaye, president of the California Foundation for Commerce and Education, a chamber affiliate, cautions: “You can’t shelter your income simply by moving out of state. If your business or work is in California, that’s where you’re taxed. California very aggressively collects taxes.”
But, he adds: “If you’re retired or living off of investments, that’s different.”
You can move to Nevada, where there’s no state income tax, and live off a California public pension without paying either Sacramento or Carson City.
The long-speculated California tax escape was mentioned in lots of emails last week after I wrote about superstar baseball slugger Bryce Harper. He rejected competitive offers from the Dodgers and San Francisco Giants and signed a 13-year, $330-million contract with the Philadelphia Phillies in low-tax Pennsylvania.
(Excerpt) Read more at latimes.com ...
Much of it is warranted.
Some of it is simply over the top, implying you cannot walk the streets without stepping in an illegal alien's sh!t.
But the fact of the matter is that something keeps bringing people here. Maybe the weather. Maybe the natural beauty. Maybe the streets really are lined with gold.
The article cites data that there is a net inflow of those with incomes over $125k, and with College degrees. and a net outflow of those under $75k (understandably).
The state budget has nearly $10bil in surplus, and that's after socking away the required rainy day fund allocation.
Business is simply BOOMING. It's also the #1 agricultural economy in the nation.
So I guess they’ll have no trouble paying for the Oroville Dam repairs.
It’s definitely NOT the narrow path! :)
Maybe, but the most recent census data shows CA with a net out-migration.
California is also in a great geographical position for commerce. It’s ports and airports dominate the western seaboard of the U.S. A huge chunk of international trade from Oceania and Asia comes through (and goes out of) the state.
On the eastern seaboard, no single state dominates like Cali does.
Correct.
It’s embarrassing the state even asked for help.
“net out-migration”
I sure hope so.
When I was born here in the 50s the population was around 10 million, potentially less.
You need money? Sell off your government buildings. Add some more illegals to your benefit programs...that’ll help you make up for the shortfall.
Of course the net inflow is high income individuals, no one else would or even could relocate there. The net outflow is working poor on up to what would be upper middle class in most of the rest of the United States. It’s turning into a state with the very well off living in the scenic immediate coastal areas, and wards of the state elsewhere. Mexico, in other words, if Mexico had any sort of social welfare.
CA has a surplus. Not a shortfall.
I guess we better go visit before it all goes to hell and becomes a bonafide police state.
says Allan Zaremberg, president of the California Chamber of Commerce....
What else would you expect him to say?
The source of the alleged reasearch: a Cornell University sociology professor and others at the Stanford University’s Center on Poverty.
Let’s see the paper.
Trust but verify on those numbers.
The article cites data that there is a net inflow of those with incomes over $125k, and with College degrees. and a net outflow of those under $75k (understandably).
...
Doesn’t that mean the gap between the rich and poor is growing there in a Democrat dominated state? Why doesn’t the media raise that issue?
Are those numbers suspect because of the source, or because you know better?
On the ground here in SAC I have no reason to doubt them, or verify.
One of the distnguishing features of most third world countries is the vast divide between very rich and very poor. It’s always sad to see. California is just following the model.
Millionaire Migration in California: Administrative Data for Three Waves of Tax Reform
Digging a hole deeper than 18 inches on a public beach in L.A. County is a $1,000 fine.
Same fine for throwing a frisbee or football on those same beaches.
In many cities you cannot bbq on your porch or balconey.
Can’t buy 80% of cool guns, catalytic converter costs 2x as much.
I keep hearing that. Then I keep hearing that the public retirement funds are underfunded by Trillions which will only continue to grow. Are the retirement funds NOT counted in the budget or how are there twp set of facts? Which is correct or what am I missing?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.