Will it drive them out? Why would they stay? Why would anyone declare residency in CA? People with those kinds of resources can set up a nominal home in any number of far more tax-friendly locals. I’m sure they could find a way to spend enough time outside CA to avoid automatic residency.
May I suggest the go to The American Virgin Islands.
Nice weather.
People with those kinds of resources can set up a nominal home in any number of far more tax-friendly locals. I’m sure they could find a way to spend enough time outside CA to avoid automatic residency.
We have 2 families in our culdesac with “legal” state of Washington license plates.
One of our relatives has a handful of similar situations in the area where they live. Those “Washington” natives basically live in their Cali homes from the end of Oct/first of Nov. until about Easter.
A person can have many residences. What counts for state income tax purposes is the single place of domicile. You must have one (and only one).