Thinking of moving? Your blue state may soon charge you an exit tax
Fox News
How does California solve its massive deficit problem and create a new tax scheme? They tax people and businesses who want to move from the state.
Ted Jenkin is CEO and co-founder of Oxygen Financial and president of Exit Stage Left Advisors.
California is already known for having the most significant state income taxes in the country, with a maximum rate of 13.3%. There is a reason people are fleeing California to move to states including Florida, Nevada and Texas, where there are no state income taxes.
California already has cities that include "mansion taxes" for sales of real estate properties. This is why you’ve seen so many wealthy people move to Nevada. Business owners often tell me that California is one of the of the most difficult states to do business in right now.
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