California’s Heavy Tax Increase On The Wealthy; Financial Impact On Residents

AtomicPiss

https://www.youtube.com/watch?v=bx4VnBhvQJI

creepycoug

DerekJohnson said:

https://www.youtube.com/watch?v=bx4VnBhvQJI

What'll start to happen is this: the wealthy will claim residence somewhere else, which is easy to do, and live there because they like California as a physical location (most people do). Then they'll pay zero wealth tax other than property and the burden will be felt even more heavily by those who can't afford to play the tax game.

I know a guy who runs a PE firm that specializes in health care investments. He's loaded. Wants to be in the Bay Area because his son is at Stanford, he has other family there and he likes it there. He's been in Austin for 25 years. I asked him what he'd sell his house for, he said, "I'm not selling my house. Cali would crush me with taxes. As far as they are concerned, I'm still a Texas resident and always will be."

pawz

creepycoug said:

DerekJohnson said:

https://www.youtube.com/watch?v=bx4VnBhvQJI

What'll start to happen is this: the wealthy will claim residence somewhere else, which is easy to do, and live there because they like California as a physical location (most people do). Then they'll pay zero wealth tax other than property and the burden will be felt even more heavily by those who can't afford to play the tax game.

I know a guy who runs a PE firm that specializes in health care investments. He's loaded. Wants to be in the Bay Area because his son is at Stanford, he has other family there and he likes it there. He's been in Austin for 25 years. I asked him what he'd sell his house for, he said, "I'm not selling my house. Cali would crush me with taxes. As far as they are concerned, I'm still a Texas resident and always will be."

Between taxes and the cost of living, the techie crowd moving up here effectively get a 50% raise. It's no joke.

PurpleThrobber

creepycoug said:

DerekJohnson said:

https://www.youtube.com/watch?v=bx4VnBhvQJI

What'll start to happen is this: the wealthy will claim residence somewhere else, which is easy to do, and live there because they like California as a physical location (most people do). Then they'll pay zero wealth tax other than property and the burden will be felt even more heavily by those who can't afford to play the tax game.

I know a guy who runs a PE firm that specializes in health care investments. He's loaded. Wants to be in the Bay Area because his son is at Stanford, he has other family there and he likes it there. He's been in Austin for 25 years. I asked him what he'd sell his house for, he said, "I'm not selling my house. Cali would crush me with taxes. As far as they are concerned, I'm still a Texas resident and always will be."

I'm just the opposite - live elsewhere in an undisclosed bunker. One of my companies is affiliated with a subsidiary in California. Not a fucking chance I will ever personally have a connection to the State of California for tax purposes. No apportionment of revenue or expenses, nothing. Once you're on their roles, you're fucked forever.

RaceBannon

Cali will follow you around and track you down for their taste

PurpleThrobber

RaceBannon said:

Cali will follow you around and track you down for their taste

The Throbber has enough LLCs to make Hunter Biden blush.

creepycoug

RaceBannon said:

Cali will follow you around and track you down for their taste

Is this thinly veiled mom smack?

HHusky

RaceBannon said:

Cali will follow you around and track you down for their taste

You volunteered.

RaceBannon

HHusky said:

RaceBannon said:

Cali will follow you around and track you down for their taste

You volunteered.

Take it to the tug