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Jesse Powell
@jespow
re: #TaxCABillionaires CA has the highest taxes in the nation. CA could raise more money by reducing taxes. Counter-intuitive but when you reduce fees, volume increases. The rich are fleeing CA because of high taxes. Unbundle the government. Let's see what we're paying for.
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Jesse Powell
@jespow
Anecdotally, I don't know any millionaires who have moved to California but I know 10+ who have moved out in the last 5 years. The capital gains rate is the real killer in CA. If you have a windfall coming, you can buy a nice house in another state for the amount you'll save.
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joel garry
@joelgarry
There are entire housing developments in Orange County selling McMansions to the Chinese, though China put a crimp on that. Your anecdotes should probably follow what anyone can read in the paper. The rich buy California real estate while establishing tax residency elsewhere.
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Jesse Powell
@jespow
Yup. That's why taxes should be more based on consumption than production. Under the current system, we drive out the tax revenue of wealth producers and we bring in the wealthy consumers who don't pay income tax but have low consumption taxes as well.
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