Thinker101
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California’s population dipped below 39 million in 2023, the lowest count since 2015, according to the U.S. Census Bureau. Data shows the state lost 75,423 residents last year — continuing a dramatic trend that started with the onset of the COVID-19 pandemic in 2020.
Analysis of the approximately 750,000 people who have bid farewell to California over the last three years has revealed that thousands more high-earning, well-educated workers have left the Golden State than have moved in.
California has the highest state income tax in the country. Technically, its income tax brackets end at 12.3%, but the state applies an additional 1% on personal income over $1 million — meaning its wealthiest residents must pay a whopping 13.3%.
Those ultra-wealthy Californians, the top 1%, typically pay between 40-50% of the state’s personal income tax revenue.
Well, Govenor Newsom, good luck with that budget deficit. Those of us still in California, we may want to consider investing in stocks that sell tents.
https://moneywise.com/life/lifestyle/why-rich-americans-are-leaving-california
Analysis of the approximately 750,000 people who have bid farewell to California over the last three years has revealed that thousands more high-earning, well-educated workers have left the Golden State than have moved in.
California has the highest state income tax in the country. Technically, its income tax brackets end at 12.3%, but the state applies an additional 1% on personal income over $1 million — meaning its wealthiest residents must pay a whopping 13.3%.
Those ultra-wealthy Californians, the top 1%, typically pay between 40-50% of the state’s personal income tax revenue.
Well, Govenor Newsom, good luck with that budget deficit. Those of us still in California, we may want to consider investing in stocks that sell tents.
https://moneywise.com/life/lifestyle/why-rich-americans-are-leaving-california