California's high taxes drive out wealthy residents
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Wealthy residents are leaving California due to high taxes, especially the 13.3% tax rate for top earners. This could hurt the state's finances.
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The average gross income of those leaving was $137,000. That tax bracket pays 9.3% in state income taxes.
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Popular destination states like Texas and Florida have no personal income tax, saving migrants thousands.
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Property and sales taxes in destination states can still be high, like Texas' 1.68% property tax rate.
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It's not just about taxes - business unfriendliness, regulations, and high costs are also causing people to leave California.