Super-rich flight from California? Not so fast

Comments (10)
Tony2238 wrote:

“It’s too early to look for signs of an exodus.”

Have you been asleep, Mssrs. Christie and Henderson? The exodus has been ongoing for the last five years. Perhaps not the “super-rich”, but there aren’t that many of them and they don’t affect the economics of the state all that much. (Taxing them at 100% won’t save California from itself.) The exodus has been happening in the middle of the income scale, and among businesses. As evidence, consider the surcharges levied by U-Haul and other companies for one-way rentals out of California. There has been a net outflow of trailers and vans for quite some time, and these companies need to tack on around $1,000 to a rental to pay someone else to haul it or drive it back to California so more people can pack up and leave the state.

Nov 19, 2012 1:10am EST  --  Report as abuse
Whipsplash wrote:

See Ya!

Nov 19, 2012 1:37am EST  --  Report as abuse
morbas wrote:

2011 California Income is $1.7 trillion. 2011 CA Budget is $260 billion or 15.33% (1st Lowest) of net income, next is North Carolina (2cd Lowest) at 15.34% of net income. Third Highest (46th lowest) is Nevada at 27.13% of net income. FYI CA and NC are the most efficient states in the Union, Nevada 46th, third at the bottom. “See Ya!”

I live in NC, moved here from CA because of cost of living and family. I watched closely the 30 and 38 proposition results. I think prop 38 was more favorable to the 98% because it more fairly taxed above sustenance wages. Who would have guessed voter bias for 30 over 38.

Nov 19, 2012 5:24am EST  --  Report as abuse
carlo151 wrote:

They talk about this in NY City and California, but if you have hundreds of millions what fun is it to build a big mansion on the Florida coast, like Jeter ( I am a Jeter fan). You going to sit in your giant home for how long before you feel like you are in a giant prison. If you have money (I do not have Malibu or NYC type of money), there is no better place in the US, and maybe on earth, then living in a high style Manhattan apartment, minutes away from everything, plus 3 airports. Or living on the California coast! Unless everything I have seen in movies is false, the Pacific in California is the top climate in the US.

Florida, Texas, New Mexico, have their nice places (Miami, Austin, Santa Fe) but they are not NYC or LA.

Nov 19, 2012 8:17am EST  --  Report as abuse
Whipsplash wrote:

@ morbas
If I ever moved from CA it would be to the Carolina’s or Georgia, I like that area of the country. But that won’t happen as we’re building a second home here for retirement. Born and raised in the midwest but spent most of my life here, I’m in love with California and its diversity. The quality of life here is worth “the cost of doing business”, at least for us it is.
So for those leaving for places like Texas, Nevada, and Idaho, etc, I say; see ya!

Nov 19, 2012 8:31am EST  --  Report as abuse
Willie12345 wrote:

This is only the beginning for the poor devils living in California (and N.Y.). Taxes won’t ever being going down and the tax burden created by the state will only increase. No one minds paying for roads and school systems,etc., but it doesn’t end there in these poorly managed states.

Nov 19, 2012 10:23am EST  --  Report as abuse
speaker12 wrote:

You haven’t see anything yet folks. The Dems now control both houses in California. It’s going to be something when they can raise taxes anytime they want to. And boy, do they want to. Poor old Governor Jerry Brown and his prop 30 is chicken feed. Soon you’ll see taxes like you can’t believe. They may even try to tax food stamps. Bye Bye Golden State.

Nov 19, 2012 2:53pm EST  --  Report as abuse
totherepublic wrote:

You are 100% on target. This is obama’s proving ground as well. So it goes in Cali he will try and mimic throughout the Country-watch. He actually wants the cliff (taxes to raise on everyone) he just wants it to look like the Republican’s fault. Problem is most of his sheep will buy it-and pay the taxes while they worship hiim. Except of course his entitled elite.

Nov 19, 2012 3:28pm EST  --  Report as abuse

bobber1956, please please please say your exit route isn’t to this “socialist” country Canada! The canyon cliffs in Nevada?

Nov 19, 2012 3:56pm EST  --  Report as abuse
frisbeeredcat wrote:

3% isn’t much to ask for living a state as great as California! I can live anywhere I want and I’m certainly not leaving California for Texas even if it was free! I’m proud to be an American and I understand some must pay more as others choose to put their money overseas in various tax havens. I want my country to be best in the world and as it affords me security to run my businesses and raise my family I feel tax obligations are part of living in America not something to whine about, but something to feel proud of.

Nov 19, 2012 8:52pm EST  --  Report as abuse
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