Why Are Wealthy Americans Fleeing California?

[rangerrebew]

Why Are Wealthy Americans Fleeing California?
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California has been experiencing a concerning trend in the last few years: more and more wealthy Californians are packing their bags and high-tailing it out of state. While California has long been an economic powerhouse and a hub for innovation, the allure is fading for many affluent residents. In 2023, the state population fell to the lowest it's been since 2015, dipping just below 39 million, according to the U.S. Census Bureau.
 
One significant factor driving this retreat is the state's high taxation rates, a controversial issue among the wealthy. California consistently ranks among the highest-tax states in the nation, with a progressive income tax system that imposes higher rates on higher income brackets. Individuals earning over $1 million face the highest state income tax rate, around 13.3%. When combined with federal income taxes, California is in a league of its own in terms of tax burden.

For high-net-worth individuals, the substantial tax burden in California is a large financial consideration. The desire to keep more of their income has prompted many wealthy residents to seek relief in states with friendlier tax climates. States like Texas, Florida, and Nevada, which do not have state income tax, have become attractive destinations for those who seek to make the most of their money. However, many other factors besides state income tax go into whether or not a state actually has cost-effective living options.

https://www.msn.com/en-us/money/personalfinance/why-are-wealthy-americans-fleeing-california/ar-BB1hFBMd?ocid=msedgdhp&pc=HCTS&cvid=ea15ebeee41b42c486d9d4a63091028a&ei=61

[Smokin Joe]

Because they can.

[sneakypete]

Because they can.

@Smokin Joe

The exact same thing I was going to post.

[DB]

I left in 2018 and took my business with me. I paid dearly far too long there. Somebody's got to pay for the 2 million illegals on Medic-Cal there...

[Cyber Liberty]

I left in 2018 and took my business with me. I paid dearly far too long there. Somebody's got to pay for the 2 million illegals on Medic-Cal there...

I remember that.  I was leaving Chandler about the same time you were moving into a nearby city.  I often wondered how well your company survived that move.

[DB]

I remember that.  I was leaving Chandler about the same time you were moving into a nearby city.  I often wondered how well your company survived that move.

Definitely had some hard times but the last 2 years have been pretty good. Don't know how long it will last - it's niche tech - but if it continues a few more years I should be able to retire.

[Cyber Liberty]

Definitely had some hard times but the last 2 years have been pretty good. Don't know how long it will last - it's niche tech - but if it continues a few more years I should be able to retire.

It took me getting retired to leave the Phoenix Suburbia.  I lived there almost 40 years, now I am in a smaller town on the Colorado River....

When I first moved there, I liked it as a 20-something year old, but I was thoroughly tired of in by 2018.  To me, Cali was a mess back in the 80's, and just got worse with every Dem elected to the Governorship.

[PeteS in CA]

Because they can.

Exactly. Moronic pols who jack up taxes on The Rich seem to think wealthy people will just sit and watch their bank accounts and other assets get raped and plundered.

[DB]

It took me getting retired to leave the Phoenix Suburbia.  I lived there almost 40 years, now I am in a smaller town on the Colorado River....

When I first moved there, I liked it as a 20-something year old, but I was thoroughly tired of in by 2018.  To me, Cali was a mess back in the 80's, and just got worse with every Dem elected to the Governorship.

I seem to remember George Deukmejian as being a good governor in most of the 80's. Jerry Brown just before him allowed government employees to unionize which set in motion the long-term decline. Gray Davis was the bringer of major decline later and it has only gotten worse since then.

[Cyber Liberty]

I seem to remember George Deukmejian as being a good governor in most of the 80's. Jerry Brown just before him allowed government employees to unionize which set in motion the long-term decline. Gray Davis was the bringer of major decline later and it has only gotten worse since then.

How about Wilson?

[DB]

How about Wilson?

Wilson certainly did some things right but he was at the turning point of the culture wars in California. When prop 187 was tossed out by the courts there was an avalanche of more of the same afterwards.

[Cyber Liberty]

Wilson certainly did some things right but he was at the turning point of the culture wars in California. When prop 187 was tossed out by the courts there was an avalanche of more of the same afterwards.

It appears now Cali could never elect a Wilson, even, again.

[DB]

It appears now Cali could never elect a Wilson, even, again.

I think that is very true. There was a recall election of Newsom where he easily won again. So they voted for it, let them enjoy it.

I'm pretty sure California is in a death spiral, not just LA, Oakland or San Francisco. As the more productive right leaning people leave the state what's left only drives it further left with more of the same results to follow. The elite tech leftist think they're gods and anyone who doesn't think like them are useless idiots. Reality is starting to peak in...

It was hilarious to watch San Francisco blame Republicans for their mess as if any Republican has had a say in anything anywhere around there for decades.

I grew up in California and many of the longtime families of many generations with ranches, farms and business that I knew have left the state. Some of those who haven't moved yet are working on their exit strategy.

And yes, I'm bitter. They drove me ought of my longtime home.

[Cyber Liberty]

And yes, I'm bitter. They drove me ought of my longtime home.

That hurts!  I made my big move from MI to AZ in 1980.  I was just escaping the cold and snow, not a dictatorship.  Ironically, MI got a dictator regime, anyway.

[Fishrrman]

Wrote the Smokin' Joe:
"Because they can..."

Fishrrman:
...For now.

[Fishrrman]

DB wrote:
"I'm pretty sure California is in a death spiral, not just LA, Oakland or San Francisco. As the more productive right leaning people leave the state what's left only drives it further left with more of the same results to follow. The elite tech leftist think they're gods and anyone who doesn't think like them are useless idiots. Reality is starting to peak in..."

When you see Apple dismantle their Cupertino spaceship and move it to Texas, then you'll know it's all over.

...Unless Steve Job's plans for it included some measure so it could lift off and fly away on its own...!

Aside to DB:
I warned you in this forum back when you made the move that AZ was "the wrong state" to move to, because it would soon turn blue. What has happened in the intervening years?

[DB]

DB wrote:
"I'm pretty sure California is in a death spiral, not just LA, Oakland or San Francisco. As the more productive right leaning people leave the state what's left only drives it further left with more of the same results to follow. The elite tech leftist think they're gods and anyone who doesn't think like them are useless idiots. Reality is starting to peak in..."

When you see Apple dismantle their Cupertino spaceship and move it to Texas, then you'll know it's all over.

...Unless Steve Job's plans for it included some measure so it could lift off and fly away on its own...!

Aside to DB:
I warned you in this forum back when you made the move that AZ was "the wrong state" to move to, because it would soon turn blue. What has happened in the intervening years?

First, I moved here because our marketing and engineering offices were already here. Second, where I'm at it isn't blue. That may well change but until then its low on my issues list.

[PeteS in CA]

How about Wilson?

IMO, a RINO who may have disliked conservative Rs more than he disliked not quite crazy liberal Dems.

[Hoodat]

Wrote the Smokin' Joe:
"Because they can..."

Fishrrman:
...For now.

I wouldn't be surprised to see California build a wall on the Arizona border.

[Smokin Joe]

Wrote the Smokin' Joe:
"Because they can..."

Fishrrman:
...For now.

They will finish the wall when it is time to keep us in.

By then, I suspect (by popular demand) checkpoints will have been established to rid the country of (some) illegals, but the checkpoints will remain well after that purpose has been exhausted, to keep control of us.