Millionaires Flee California!

The largest personal income tax championed by Governor Brown and passed by the legislature in 2012 has resulted in millionaires fleeing the state. As warren Buffet said "Money always flees to where it is treated best!" When it come to economics, liberals are extremely slow learners. Winston Churchill defined insanity as repeating the same mistakes over and over and expecting a different result.

https://www.forbes.com/sites/patric...-flee-california-after-tax-hike/#73e5153d4189

 

Years ago when New York upped their income tax millionaires fled that state too. Seems like democrats never learn.

 

They never learn. They think that there are some aspects of their city or state that will cause people to have to or want to stay no matter the tax burden but they are wrong. The Maryland millionaire tax lost money and had to be repealed.

 

The most amazing thing is that Californian's should be cheering millionaires on. They should be doing everything possible to keep them here and in fact encourage more of them.

In 2015, less than 6,000 people were responsible for 30% of the income tax revenue collected in the state.

However, what does the feeble minded Progressives running the State do? They demonize them in order to stay in power.

It's an example of the most egregious and corrupt type of governance that has doomed California for generations.

 

So expropriate their wealth. If they don't like it, sucks for them, merely taking their wealth is merciful.

 

How long will it take for people to quit working when there is no reward for their labors?

 

They are, that’s why they are leaving.

 

I mean all at once, and they don't get to go anywhere.

 

Ah, you want California to be an authoritarian fascist state.

 

If Gavin "he's a" Newsome wins in November, I'm fleeing too.

 

...and when they expropriate yours?

 

Hello! That is what they are doing now.

 

Exactly. I’m a Californian and I’m glad that the middle and working class are leaving our stupid coastal big cities and that business, jobs, investment capital are leaving for low tax fewer regulations right to work States. Where I live living costs are lower and most here aren’t impacted by the highest rates. They have dragged down our economy and instead of moving, we are trying to secede from the state.

 

My family and career are here so I’ll be staying and working toward secession. I really loved the new federal caps on real estate mortgage deductions and state and local income tax deductions to the same level nation wide no matter where one lives. The rich in this state in its high tax high living cost coastal regions will now be fully exposed to the high cost of our state taxes with out subsidies from red state tax payers to shield them.

 

Yeah, and that 1% is 50% of their tax base.

 

Who's gonna take it? You and the fry pan wielding masses?

 

That article is horseshit. Here is an actual quote from the study they claim to be analyzing:
"Migration is a very small component of changes in the number of millionaires in California. While the millionaire population sees a typical year-to-year fluctuation of more than 10,000 people, net migration sees a typical year-to-year fluctuation of 50 to 120 people. At the most, migration accounts for 1.2 percent of the annual changes in the millionaire population. The remaining 98.8 percent of changes in the millionaire population is due to income dynamics at the top – California residents growing into the millionaire bracket, or falling out of it again."

California creates millionaires faster at nearly 100x the rate that they are leaving.

 

My (California) home is paid for and valued at just over a million.

It's the land.​

On a bluff, line of sight to the ocean, about a mile away.

Does that make me a "millionaire"?
It should not because the home is not like a liquid assent.
I ain't leaving until I a wheel out with my face covered.


As for Millionaires leaving California.
Hope we can uber tax home ownership for "out of State"
residents who actually, reside in California.
And "income" acquired while truly residing in the Greatest State.


Moi
There will always be a California

​

 

I was thinking more like "Roving bands of nomadic communist warlords pillaging gated communities"

 

What happens when you run out of gated communities.

 

best to get out whilst they're still millionaires lol.

 

The mission is complete and everyone can take up knitting

 

Somehow I don't think that's how it'll go, but ok.

 

I know no one wants to pay for the services in their state through high taxes, but they don't pay for themselves, so there you are.

 

Doesn’t matter .... everbody will be leaving CA .

It’s going to burn to the ground .

Btw.... record high temperatures 117 * yesterday

118* today .