Posted on 12/20/2023 11:06:40 AM PST by ChicagoConservative27
Wealthy taxpayers are fleeing California, hurting the economy and the budgets of the governments that have raised the cost of living in the Golden State.
That’s according to the Los Angeles Times, which reported Tuesday that while wealthy and talented people used to move into California, that trend has recently been reversed:
The reversal, largely in response to the state’s high taxes and soaring cost of living, has begun to damage California’s overall economy. And, by cutting into tax revenues, has delivered punishing blows to state and local governments.
State budget analysts recently projected a record $68-billion deficit in the next fiscal year because of a 25% drop in personal income tax collection in 2023. Some city, county and other local taxing authorities, particularly in the San Francisco Bay Area, have also recorded revenue declines.
…
The accelerating exodus from California in recent years, of both companies and people, has been well documented. The pandemic-induced rise in remote work, inflated housing prices and changing social conditions have spurred more Californians to pull up stakes.
(Excerpt) Read more at breitbart.com ...
And unfortunately, those wealthy citizens are taking their voting habits and immorality with them to the states or countries they are moving to!
Hey, Leftists! This is what free-market capitalism is all about!!! If it sucks where I am, then I have the freedom to move somewhere else.
They have no clue. Leftists think everyone thinks like them. They won’t learn from this. They’ll continue to double down.
whatever happens, a BIG bailout from Fed.gov with printed money and more debt, will eventually come to California.
Marxism and the Democrat Party won’t give up that easily
Garsh, I wonder why? </Goofy>
Enjoy your illegals, Suckers!
99% of them are businessmen who have been over-regulated right out of business.
Looking for new nests to foul.
Exactly. Seal them in. Build a wall!
Exactly. Seal them in. Build a wall!
Because they want to stay wealthy...................
When tax rates are geared to squeeze “the rich” disproportionately, yes, of course, the rich leave - because they can afford to.
“When tax rates are geared to squeeze “the rich” disproportionately, yes, of course, the rich leave - because they can afford to.”
Only One Solution.. RAISE TAXES! Make THEM pay their “fair share”!
Sane people are leaving California.
I keep running into Republicans who are moving into AZ.
Not all are crazy left.
California implemented the “punish the success” tax strategy a while ago. As such CA is highly dependent on the rich for the income. when the rich suffer or move away, CA suffers, a lot more than any other state.
Time for CA to tax the poor!
Trump built the wrong wall. Like plague rats Californians will bring death and destruction with them as they flee the ship.
And if CA is so lib, why did Deep State have it go all mail-in and restrict the hand counting of ballots...
But they are being replaced by illegals, druggies and homeless, so it’s all good, right?
What kind of exit tax is California charging?
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