Californians are going to end up selling vegetables to each other on street corners

Editor's note: Sounds pretty incredible the Bolshevik states of California and New York are going to place an "exit tax" on those residence who decide to leave those two states because of high taxes and crime. It's a shake down but then what do you expect with the  way California and New York are being run and where the Pentagon runs Silicone Valley? The once beautiful, prosperous and safe "golden state" run into the ground by communists and takers. The biggest problem facing California are the 340,000 public employees with $100,000 paychecks (Newsom's voter base) sucking $45 billion out California taxpayers. Thousands of those taxpayers are struggling and are not seen or heard of with their personal struggles. And since we already know most jobs are bullshit, what exactly are these 340,000 public employees doing everyday? In addition to that there are roughly 80,000 retired public employees collecting pensions of $100,000 (the issue of pension spiking). New York also has their "$100,000 club." That level of greed is not sustainable. In addition to all this, Newsom being a climate change fanatic, is also attempting to prevent California residence from installing solar panels to reduce their electrical utility costs.
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Goodbye California and New York – Wealth Exodus Continues

August 21, 2024 | By Martin Armstrong

The exodus from blue states has not waned since the pandemic. Americans are seeking lower taxes, crime, and tyranny as half of our nation descends into utter chaos. A recent poll by SmartAsset found that Americans earning $200,000 or more have been the most eager to flee states like New York and California.

California and New York have lost more high-earners, and therefore higher taxpayers, than any other states. California is the least desirable state with an average outflow of 24,670 high-income households with an adjusted gross income (AGI) of $1.3m. New York is not far behind, with a net outflow of 12,040 high-earning households worth an average AGI of $1.1m.

California is rushing to implement legislation to punish those who dare to leave Newsom's socialist utopia. I've discussed the exit tax on this blog in detail as businesses and individuals seeking to leave the Golden State must pay a fine. The government will look at all of your assets and investments to determine how much you will need to pay, which is usually 0.4% of someone's net worth. Wealth historically flees when taxes rise, and to combat this issue, California plans to tax anyone with an income for $30 million for up to a full decade after they leave the state. Someone leaving the country entirely will still be forced to pay California for the privilege of leaving.

Other states will likely adopt an exit tax. New York's state budget toppled, fueled by the migrant crisis, and they will begin to hunt their own citizens for funds because that is what governments have ALWAYS done when they find themselves insolvent.

California also has one of the highest tax brackets for income tax, often reaching 14.4%, while New York slaps a 10.9% tax on the highest earners.

Average home prices in California has reached $746,667 but it is difficult to compile an average price on such a large state and the average home in a DESIRABLE relatively safe neighborhood is much higher. The same could be said about New York as we have a vastly different landscape from the city to the north, and stating the average home price of $450,000 grossly understates what someone will pay if they live near the city or in a relatively safe desirable neighborhood.

Where is everyone moving?

Florida: 29,771 net inflow of high-earning households

Texas: 8,260 net inflow of high-earning households

North Carolina: 5,792 net inflow of high-earning households

South Carolina: 5,270 net inflow of high-earning households

Arizona: 4,365 net inflow of high-earning households

Americans are fleeing to red states with lower taxes and crime. Property prices in desirable neighborhoods may be high, but you have a much lower property tax. Florida and Texas continue to be the safe havens within America for both businesses and individuals. The average AGI for those moving to Florida from the aforementioned states is $907,013 while California's new residents have an average AGI of $579,207. Consequently, lower earners have been forced to leave these states.

Inflation has already caused every American to spend more while living on less. High-income households are being punished under these socialistic eat the rich policies that invalidly claim they are responsible for the financial hardships of others. This trend will continue as Democrat-run states continue to adopt hardline policies that penalize monetary success.

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It is only going to get worse:

California has spent billions to fight homelessness. The problem has gotten worse

California Democrats Advance Bill to Allow Illegal Aliens to Buy Homes with Zero Down Payment and 0% Interest

Archives:

California

Consider Russia as another option:

#Walkaway to Russia