California Loses $1 Trillion as Billionaires Flee from Looming Wealth Tax

(Worthy Insights) – The exodus from the Golden State continues. The movement gained publicity when Hollywood celebrities, such as Candace Cameron Bure, Andy MacDowell, and Ali Lauter, started fleeing the hustle and bustle of Hollywood for a quieter life. Last year, the president of In-N-Out Burger also made headlines by exiting the state. Now, California’s top 1% of wealthiest people are leaving the state for a different reason – a looming wealth tax that threatens to hit them hard.

Larry Page, Google co-founder and the world’s second-richest person, has reportedly left California due to his concerns about a proposed tax law that aims to impose a one-time five percent tax on the assets of California residents worth more than a billion.

According to the Detroit News, Page and his co-founder Sergey Brin quickly transferred the entities they control to other states in late December. And they are not the only ones. [ Source (Read More…) ]


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