5 ms·

Would love to see the numbers on millionaires created by California who choose to stay. If the California economy is good enough those numbers could offset the

Would love to see the numbers on millionaires created by California who choose to stay. If the California economy is good enough those numbers could offset the lack of millionaires moving to California.

secabeen 8y ago
It's nothing. From a neutral article without an axe to grind or a political message to send: >The state lost an estimated 138 high-income individuals, or about 0.04 percent of the roughly 312,000 people subject to the tax increase, said co-author Charles Varner, associate director of the Stanford Center on Poverty and Inequality. https://www.sfchronicle.com/business/networth/article/Dozens-of-millionaires-fled-California-after-2012-13053135.php https://www.sfchronicle.com/business/networth/article/Dozens... Ideally, the mods would replace the top link with the SFChronicle one that puts the number in context and gives way more details, but it may not be worth it.
- zaroth 8y ago
  Political axe aside, the tax rate is foremost in entrepreneurs minds when they decide to build a company in CA. Maybe even more so than labor costs. You don’t obsess and negotiate over 0.1% increases in option pools and ignore the silent 15%/25%/35% partner in the room. CA eliminating the QSBS Section 1202 exemption is an equally glaring wart on establishing CA residency for entrepreneurs.
  - nimish 8y ago
    > the tax rate is foremost in entrepreneurs minds when they decide to build a company in CA Sure, that's why nobody's built a company in CA in the last decade, and they all chose to build them in Seattle.
  - bilbo0s 8y ago
    "...the tax rate is foremost in entrepreneurs minds when they decide to build a company in CA..." ??? No horse in the California tax race personally, but if taxes are your foremost consideration when launching your startup, you should really rethink your plans. That advice is not specific to California startups. If taxes are the foremost consideration for a prospective startup anywhere in the US, you should sit down with someone to talk through your plan. Just to ensure that it makes sense. If I heard that from a prospective startup here in Wisconsin? I have to say, just on first blush, something would sound off about that.

secabeen 8y ago

It's nothing. From a neutral article without an axe to grind or a political message to send: >The state lost an estimated 138 high-income individuals, or about 0.04 percent of the roughly 312,000 people subject to the tax increase, said co-author Charles Varner, associate director of the Stanford Center on Poverty and Inequality. https://www.sfchronicle.com/business/networth/article/Dozens-of-millionaires-fled-California-after-2012-13053135.php https://www.sfchronicle.com/business/networth/article/Dozens... Ideally, the mods would replace the top link with the SFChronicle one that puts the number in context and gives way more details, but it may not be worth it.

zaroth 8y ago
Political axe aside, the tax rate is foremost in entrepreneurs minds when they decide to build a company in CA. Maybe even more so than labor costs. You don’t obsess and negotiate over 0.1% increases in option pools and ignore the silent 15%/25%/35% partner in the room. CA eliminating the QSBS Section 1202 exemption is an equally glaring wart on establishing CA residency for entrepreneurs.
- nimish 8y ago
  > the tax rate is foremost in entrepreneurs minds when they decide to build a company in CA Sure, that's why nobody's built a company in CA in the last decade, and they all chose to build them in Seattle.
- bilbo0s 8y ago
  "...the tax rate is foremost in entrepreneurs minds when they decide to build a company in CA..." ??? No horse in the California tax race personally, but if taxes are your foremost consideration when launching your startup, you should really rethink your plans. That advice is not specific to California startups. If taxes are the foremost consideration for a prospective startup anywhere in the US, you should sit down with someone to talk through your plan. Just to ensure that it makes sense. If I heard that from a prospective startup here in Wisconsin? I have to say, just on first blush, something would sound off about that.