Posted: 2/10/2026 2:35:34 PM EDT
[Last Edit: Trollslayer][Edited]
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It was the large numbers of people emigrating that caught and held my interest. Today, reading an article (see link below), my one remaining neuron fired and this thought occurred to me. If 8 million of the middle class have gone, each earning an average of $50k, that's $400B in tax base and $40B loss in annual taxes to the State. There is a flip side to that, too. With the new "Billionaires Tax", many of the ultra-wealthy people are leaving. There are not many people with billion dollar incomes but they will have a huge impact on the tax base when they leave. "California’s total taxable wealth from billionaires has plummeted to well under $1T from over $2T just a few weeks ago." That $1T represents a loss of about $50B in potential tax revenue from the new tax on billionaires. It also carries with it a loss of $10B in annual taxes from income (my total SWAG). Combined, that's a loss of $100B in tax revenue in ONE YEAR and a recurring loss of $50B. If that estimate is anywhere near close, it will be bad for the State's tax revenues. |
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When I retire, I'm selling my house and taking my profit, pensions, 401K, assets, 401K's and guns to a free state. probably Nevada. I'll leave any roster guns for those of you left behind the wire. but me, my wife and all my taxes are laving. as it is, I already register my boat out of state. even with a $200 non-resident fee, it's still a significant savings. As it is, most of my customers, billionaire status "live" out of state 6 months +1 day out of state. The ROI on income taxes buys a mansion elsewhere inside of a few years. |