Wealthy exodus to escape new tax rules worries California Democrats

Thursday, January 18, 2018 | Tag Cloud Tags: , , , , , , ,

(Worthy News) - The Republican-backed federal tax bill flipped the tables on a never-ending question for California politicians: Will high taxes lead the state’s wealthiest residents to flee the Golden State for the comparable tax havens of Florida, Nevada and Texas?

Republicans reliably raise that alarm when Democrats advocate for tax increases, like the 2012 and 2016 ballot initiatives that levied a new income tax on very high-earning residents.

But now, with the federal tax bill cutting off deductions that benefited well-off Californians, the state’s Democrats suddenly are singing the GOP song about a potential millionaire exodus. [ Source: Sacramento Bee (Read More...) ]

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