Mismatch in job market.
Many jobs around but many don’t qualified (high pay high qualification) or in the wrong place (low pay high housing cost). So many people still unemployed.
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Charlie Munger talks about tax laws at 16:35 & includes California in the answer.
What about California and Nevada, which, like Florida and Texas, doesn’t have a state income tax? Both Nevada and Arizona are seeing population spikes.
Former Gov. Jerry Brown pushed a income taxes hike on those in higher brackets, generating a windfall of new revenues and helping him balance the budget. Later, he worried aloud the federal SALT limits could cause the rich to flee. So far, there have been anecdotal accounts of tax flight, but no documented mass exit. That said, it wouldn’t – as Cuomo said – take too many to have an impact.
The top 1 percent of New York’s taxpayers supply 46 percent of the state’s tax revenues. In California, 1-percenters’ share is slightly higher, and our top marginal tax rate, 13.3 percent, is higher than New York’s (8.82).
Controller Betty Yee tracks state tax receipts and expenditures; she reported that through December – the first six months of fiscal 2018-19 – revenues were $2.5 billion under estimates, including a $1.9 billion income tax shortfall.
Read more here:
https://www.modbee.com/opinion/article226101685.html
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"“It was politically diabolical and also highly effective,” Cuomo said this week. “And if your goal is to help Republican states and hurt Democratic states, this is the way to do it.”
Well yes, but not if those leaving foul their new nest with liberal politics.
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