It's impossible to overstate how terrible an idea this is. Moving out of state is a cake walk. You can even wave to your friends from the other side of Lake Tahoe. California is sincerely begging to implode its entire tax base at the outset of a looming budget crisis.https://twitter.com/sonyasupposedly/status/1294097843011989504 …
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The furious tweets we'll get when they move. How dare they do the thing they very predictably were going to do.
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Things the government is basically paying them to do
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I see New Zealanders.
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Larry, Larry and Laurene.
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70% marginal rate on INCOME, maybe (although effective rates were much lower, see link). But we're talking about a tax on net worth here, not income.https://www.latimes.com/business/la-fi-nocera-tax-avoidance-20190129-story.html …
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Good for America if the over-concentrated activity in Silicon Valley is spread out to more regions. It was always an unacceptable risk to concentrate so much economic value in a small geologically unstable place. Tech firms are reaping the tax politics they have sown.
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All the wealth exporting states facing the same problem. Key issue is the tax discounts offered by "competing" states, that are also subsidized by the highest taxed states.
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