Stanford: millionaires fleeing California

The definition of millionaire is earning $1M taxable income a year. And those high income millionaires only earn $1M in 7 out of 13 years. They were millionaires only half of the years.

We may not have any millionaires on this forum.

“The millionaire population is highly correlated to the financial markets. The researchers found that the median person who earned at least $1 million in a given year earned at least $1 million in only seven of the 13 years before and after that year.”

https://www.google.com/amp/amp.timeinc.net/fortune/2018/07/06/california-high-taxes-millionaire-moving”

https://www.google.com/amp/s/www.forbes.com/sites/patrickgleason/2018/07/06/millionaires-flee-california-after-tax-hike/amp/

100 fled…hardly news worthy

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There are only 330k millionaires in California. 0.04% have fled.

Earning $1M taxable income a year is really hard.

0.04% is rounding error.

Millionaires OR people earning $1M/year?
60000 in 2014. Probably 75K today.

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Income tax only cares about your annual income. Nobody can tax your stock portfolio.

Your real estate will be taxed at a different place and it’s protedred by prop 13. So they won’t be able to raise your property tax easily