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'The top 0.5% of taxpayers pay 40% of state income tax.' This seems very risky, seeing how easy it is for those taxpayers to move to another state. And just y
by hobbitstan 4y ago
'The top 0.5% of taxpayers pay 40% of state income tax.'
This seems very risky, seeing how easy it is for those taxpayers to move to another state.
And just yesterday Newsom agreed to release $1B to help the homeless. Money he, and California, does not have.
- puffoflogic 4y agoThey're about to get a big investment on electric infrastructure from the Federal government, so it'll all work out.
- lotsofpulp 4y agoGiven that CA has been relatively high tax for high earners for many decades now, and has had the highest incomes for decades, the probability of higher earners moving away seems to be low.
- anon291 4y agoWell a lot has changed. Remote work is more common. Many companies shuttered offices. Thus momentum that had been built up that was holding people in the state has ended.
- lotsofpulp 4y agoThat is a good point, remote work could provide an opportunity to move for those only in CA for the economic opportunities. But I would assume many will continue to be willing to pay a premium to live in CA.
- CoolestBeans 4y agoIt is a good point although I wonder how much of the top 0.5% simply employees with big paychecks or are employers and business owners who are personally invested in real estate and companies that are based in the state. While some do things like establishing residency in Nevada for example it can be a challenge.
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