Beautiful golden beaches and a bustling economy—California has it all.
But guess what? Wealthy residents are packing their bags and leaving.
Why?
- High Taxes: California hits you with sky-high income taxes. Earn over a million dollars? Brace yourself for a whopping 14.4% tax rate.
- Remote Work Trend: Pandemic life taught us one thing: work from anywhere! So, high earners are fleeing to tax-friendly states like Nevada and Texas.
- Pricey Real Estate: Even the rich find California’s housing costs a burden. Mansion taxes? Ouch!
- Business Blues: Overregulation, high wages, and energy costs drive small businesses away. Employees, too, seek greener (and cheaper) pastures.
- Safety Concerns: Public safety took a hit due to liberal policies. Retailers are bailing.
- Budget Woes: Despite reduced income, public spending on programs like LA Metro expansion exploded, leaving a $78 billion deficit.
Unless California finds solutions, bankruptcy looms.
