California slaps high tax rates on the rich, and when they and/or their income leaves the state, the solution is…guess what…more taxes. Including property taxes, especially commercial.
Or is it the gun control that is chasing good families away? Probably both.
People may have deferred income, and state and federal taxes, late last year in hopes of favorable policy changes under the Trump administration, said David Neighbors, principal at Silicon Valley accounting firm Gallina. Others have shifted their incomes out of California to avoid the state’s high rates under Brown, he said.
Source: What’s hurting California’s budget: The rich aren’t getting richer as fast as they used to – LA Times