California's Taxes Driving People Away

I'm shocked people stayed this long. The wealthiest Californians are leaving the state. It's bad news for the economy

California's top income tax rate is 12.3 percent. Nevada has no personal income tax. Neither does Florida. The price of housing isn't helping.

New state-to-state migration data show that for several years, thousands more high-earning, well-educated workers have left California than have moved in.

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.

I'm reminded of a song lyric.

Tax the rich, feed the poor
Till there are no rich no more

It isn't only taxes. There is plenty of other insanity in California around crime and regulations.

Last year, Soo-Jin Yang moved herself and her designer-eyelash business from Oakland to Las Vegas. Yang, 45, was born, grew up and went to college in the East Bay, but she said she no longer felt safe operating her company in downtown Oakland. She also wanted an easier place to do business; Nevada has fewer regulations and no personal income tax.

Hat tip to Pixy Misa at Ambient Irony - Daily News Stuff 32 December 2023: Drunken Revelry Edition

California is entering a death spiral of malice and incompetence. This might be a bad thing. (SF Gate)

Do tell.

On a personal note... I left the SF Bay Area in the 1980s, because the cost of living, in particular the cost of housing, was insanely expensive. It hasn't gotten better.