Some of the wealthiest Californians are threatening to pack up and leave over a newly adopted federal and state income tax hike.As it stands, the richest residents in the state pay up to 51.9 per cent of their income in federal and state taxes combined — the highest combined income tax rate in the country, NY Times’ Adam Nagourney reports.
That’s left some well-heeled residents less than thrilled. We covered the January PGA event where San Diego-based pro golfer Phil Mickelson said he might follow Tiger Woods’ lead and leave the state altogether.
Woods now calls Florida home, a state that is quickly becoming the go-to refuge for wealthy Americans looking to preserve their riches.
A report from the Institute of Taxation and Economic Policy highlights California’s tax rates as one of the nation’s “fairest” systems –– which, by ITEP’s definition, means it more evenly distributes the tax burden among low-, middle- and high-income earners. But the state’s business tax climate, which factors in individual income taxes, was ranked No. 48 in a study by The Tax Foundation.
If Mickelson and other millionaires are looking for a place to get the most mileage out of their hard-earned cash, we’ve got a few ideas:
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