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California’s Heavy Tax Increase On The Wealthy; Financial Impact On Residents
DerekJohnson
Administrator, Swaye's Wigwam Posts: 68,565 
https://www.youtube.com/watch?v=bx4VnBhvQJIComments
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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.DerekJohnson said:
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.creepycoug said:
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.DerekJohnson said:
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.creepycoug said:
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.DerekJohnson said:
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."
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Cali will follow you around and track you down for their taste
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The Throbber has enough LLCs to make Hunter Biden blush.RaceBannon said:Cali will follow you around and track you down for their taste
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Is this thinly veiled mom smack?RaceBannon said:Cali will follow you around and track you down for their taste
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You volunteered.RaceBannon said:Cali will follow you around and track you down for their taste
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Take it to the tugHHusky said:
You volunteered.RaceBannon said:Cali will follow you around and track you down for their taste
