Taxes don't cause people and companies to leave California. The cost of living does. (Also good luck to the state of California and its city governments in keeping up with the cost of liabilities, obligations over the next decade!)https://twitter.com/amir/status/1023962515540074501 …
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Replying to @lpolovets
Data shows in-migration of $200K+ households, outmigration of sub-$110K households: https://lao.ca.gov/LAOEconTax/Article/Detail/265 … Data from 25 years of tax filings in CA, including two top rate tax increases & tax cut from 1996 shows little movement in response to changes: https://inequality.stanford.edu/sites/default/files/millionaire-migration-california-impact-top-tax-rates.pdf …pic.twitter.com/g9jQ6AJERN
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Replying to @kimmaicutler
Great chart. On the flip side, the most orange/out-migration states are often lowest tax rate? Nevada, Texas, Washingon are all 0%.
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Replying to @lpolovets @kimmaicutler
FWIW the recently proposed carried interest tax is making me think hard about moving. 10% less income tax is an effective 15-20% post-tax raise. That's w/o taking cost of living into account.
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Replying to @lpolovets
Ok, I will check in with you later and see if you have moved. :)
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but I will also say that California's capped, inheritable property tax structure (which gets priced into higher property values) is *interrelated* and probably has a causal relationship with the state higher income tax rates.
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