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Post by pippsheadache on Mar 19, 2024 11:39:06 GMT -5
California has some draconian tax regulations that I am surprised are even considered legal. Just for the basics, the state has a 13.3 percent income tax on income over $1.25 million, dwarfing even New York's very high 10.9 percent top rate. But the part that seems almost unconstitutional to me is the exit tax, which they enacted in 2020 because so many high earners and companies were leaving the state. This tax is a 0.4 percent tax on an individual or business net worth -- not income, but net worth -- over $30 million. And it doesn't matter where you live or where your net worth is based. Obviously that doesn't affect many people, but I assume it would affect Ohtani. There is a bill that was introduced in 2020, still pending, called the Wealth Tax. Under that proposal, anyone who ever lived in California at any point in the past and who has an annual income greater than $30 million would have to pay an annual tax on their wealth for as long as ten years after they have left the state. This bill hasn't been passed yet, and I can't believe it would be legal, but it's hanging over the state as a net 300,000 people a month leave it. Of course while very few are in the most punitive brackets, even middle class earners still pay disproportionately more in state income tax (not to mention all of the assorted sales taxes and licensing fees and automobile fees and local taxes) than in other states. But on the other hand they vote for this stuff, so my sympathy is limited. thanks for posting this. And I thought Illinois was a poorly run state. I'll bet there's a lot of call for guys with your skillset there, Chi! And Illinois IS a poorly-run state -- haha -- I think on a per capita level it has more outflow than any other state. But it doesn't have the natural advantages CA has. And to be fair, there are a lot of poorly-run states. My state (and your former state) of PA isn't exactly Switzerland either. But one good thing -- PA doesn't tax retirement income, and that makes a big difference for me nowadays. |
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Post by chiyankee on Mar 19, 2024 11:40:04 GMT -5
I live in California and if I were younger and could convince my wife, I'd relocate. Not only the state income tax, but we have a very high sales tax of over 7%. State and local taxes add about 80 cents per gallon to gasoline. I crossed the Bay Bridge yesterday and paid a $7 toll fee. It is estimated that 260,000 vehicles cross that bridge each day. Despite all this we are still running a deficiet, how on earth is that possible? Where in the state are you, 55? Don't get me wrong, I love California and have lived there on two separate occasions, once in the Bay Area and once in the LA Area. It is by far, to me at least, the most beautiful state out of all fifty with such diversified topography, any kind of weather you want and an interesting history with plenty of bizarro aspects that I found endearing. But the Golden State of today is not the one I lived in. There has never been a time when it was losing population the way it is now. There's a reason so many working to middle to upper middle class people are getting out, and it has nothing to do with the bogeymen of yesteryear like earthquakes and fires and traffic and smog. It always had its problems like every state, but when I first set foot there in 1972 I thought I had died and gone to Heaven. Now I won't even visit. I want to retire to California but my wife doesn't. By hearing all of this, I think she's going to win. |
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Post by azbob643 on Mar 19, 2024 11:45:30 GMT -5
But the Golden State of today is not the one I lived in. There has never been a time when it was losing population the way it is now. There's a reason so many working to middle to upper middle class people are getting out, and it has nothing to do with the bogeymen of yesteryear like earthquakes and fires and traffic and smog. It always had its problems like every state, but when I first set foot there in 1972 I thought I had died and gone to Heaven. Now I won't even visit. Many middle class people are taking advantage of the increase in home values by cashing out and moving to states where they can buy a home for much less...maybe even pay cash and still put a lot of cash in their pockets. That, traffic & smog where definitely factors in my decision to move way back in '77. |
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Post by pippsheadache on Mar 19, 2024 11:45:48 GMT -5
Where in the state are you, 55? Don't get me wrong, I love California and have lived there on two separate occasions, once in the Bay Area and once in the LA Area. It is by far, to me at least, the most beautiful state out of all fifty with such diversified topography, any kind of weather you want and an interesting history with plenty of bizarro aspects that I found endearing. But the Golden State of today is not the one I lived in. There has never been a time when it was losing population the way it is now. There's a reason so many working to middle to upper middle class people are getting out, and it has nothing to do with the bogeymen of yesteryear like earthquakes and fires and traffic and smog. It always had its problems like every state, but when I first set foot there in 1972 I thought I had died and gone to Heaven. Now I won't even visit. I want to retire to California but wife doesn't. By hearing all of this, I think she's going to win. Different strokes for different folks, Chi. But it does help if you are able to deal with the barrage of taxes and fees and endless regulations and unfortunately the skyrocketing crime. Although that part isn't unique to CA by any means. If it keeps leaking productive people, CA will probably have to make some adjustments, and it could become The Promised Land once again. But I don't see that happening anytime soon. |
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Post by Max on Mar 19, 2024 11:46:20 GMT -5
California has some draconian tax regulations that I am surprised are even considered legal. Just for the basics, the state has a 13.3 percent income tax on income over $1.25 million, dwarfing even New York's very high 10.9 percent top rate. But the part that seems almost unconstitutional to me is the exit tax, which they enacted in 2020 because so many high earners and companies were leaving the state. This tax is a 0.4 percent tax on an individual or business net worth -- not income, but net worth -- over $30 million. And it doesn't matter where you live or where your net worth is based. Obviously that doesn't affect many people, but I assume it would affect Ohtani. There is a bill that was introduced in 2020, still pending, called the Wealth Tax. Under that proposal, anyone who ever lived in California at any point in the past and who has an annual income greater than $30 million would have to pay an annual tax on their wealth for as long as ten years after they have left the state. This bill hasn't been passed yet, and I can't believe it would be legal, but it's hanging over the state as a net 300,000 people a month leave it. Of course while very few are in the most punitive brackets, even middle class earners still pay disproportionately more in state income tax (not to mention all of the assorted sales taxes and licensing fees and automobile fees and local taxes) than in other states. But on the other hand they vote for this stuff, so my sympathy is limited. and require a passport to travel in the rest of the country. I’m glad the influx into Colorado has slowed. They love destroying Idaho now, Wyoming appears to be next…
If that happened, I'm pretty sure that there would be a Federal tax hike for most citizens in other states to make up for the lost revenue. |
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Post by azbob643 on Mar 19, 2024 11:48:37 GMT -5
If that happened, I'm pretty sure that there would be a Federal tax hike for most citizens in other states to make up for the lost revenue. California’s agriculture industry has the highest output of any U.S. state, with its Central Valley being one of the most productive agricultural regions on Earth, growing over half the country's fruits, vegetables, and nuts. |
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Post by pippsheadache on Mar 19, 2024 11:48:49 GMT -5
But the Golden State of today is not the one I lived in. There has never been a time when it was losing population the way it is now. There's a reason so many working to middle to upper middle class people are getting out, and it has nothing to do with the bogeymen of yesteryear like earthquakes and fires and traffic and smog. It always had its problems like every state, but when I first set foot there in 1972 I thought I had died and gone to Heaven. Now I won't even visit. Many middle class people are taking advantage of the increase in home values by cashing out and moving to states where they can buy a home for much less...maybe even pay cash and still put a lot of cash in their pockets. That, traffic & smog where definitely factors in my decision to move way back in '77. For sure. Imagine those lucky people who inherited a modest bungalow from the post WW II era who were able to take what would have been a working class home and cash out for millions. Timing is everything. |
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Post by azbob643 on Mar 19, 2024 11:53:58 GMT -5
Many middle class people are taking advantage of the increase in home values by cashing out and moving to states where they can buy a home for much less...maybe even pay cash and still put a lot of cash in their pockets. That, traffic & smog where definitely factors in my decision to move way back in '77. For sure. Imagine those lucky people who inherited a modest bungalow from the post WW II era who were able to take what would have been a working class home and cash out for millions. Timing is everything. I mentioned to you that the last place I lived in CA was Anaheim Hills. I also said I paid $40K for that modest house near the bottom of the hills along Santa Ana Canyon Road in '74. That house last sold for $900K. |
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Post by pippsheadache on Mar 19, 2024 12:07:53 GMT -5
For sure. Imagine those lucky people who inherited a modest bungalow from the post WW II era who were able to take what would have been a working class home and cash out for millions. Timing is everything. I mentioned to you that the last place I lived in CA was Anaheim Hills. I also said I paid $40K for that modest house near the bottom of the hills along Santa Ana Canyon Road in '74. That house last sold for $900K. Amazing. I know right where you are talking about. We used to live in Claremont, but would cut through that way if the traffic was too backed up on 91 when we were headed for the heart of the OC. |
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Post by azbob643 on Mar 19, 2024 12:15:07 GMT -5
I mentioned to you that the last place I lived in CA was Anaheim Hills. I also said I paid $40K for that modest house near the bottom of the hills along Santa Ana Canyon Road in '74. That house last sold for $900K. Amazing. I know right where you are talking about. We used to live in Claremont, but would cut through that way if the traffic was too backed up on 91 when we were headed for the heart of the OC. As you and others have mentioned, California has its "problems" like any other state. I believe residents of New Jersey are the highest taxed in the country. I still visit, and if things go according to plan I'll be out there late May to catch the Yanks/Padres/Angels games. We still have a few missions to visit, and a road trip up the eastern side of the Sierra Nevadas on HWY 395 is still on the bucket list. |
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Post by inger on Mar 19, 2024 12:42:39 GMT -5
I wish California would secede from the nation and require a passport to travel in the rest of the country. I’m glad the influx into Colorado has slowed. They love destroying Idaho now, Wyoming appears to be next…
If that happened, I'm pretty sure that there would be a Federal tax hike for most citizens in other states to make up for the lost revenue. Worth it… 🤓 |
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Post by 1955nyyfan on Mar 19, 2024 13:06:18 GMT -5
I live in California and if I were younger and could convince my wife, I'd relocate. Not only the state income tax, but we have a very high sales tax of over 7%. State and local taxes add about 80 cents per gallon to gasoline. I crossed the Bay Bridge yesterday and paid a $7 toll fee. It is estimated that 260,000 vehicles cross that bridge each day. Despite all this we are still running a deficiet, how on earth is that possible? Where in the state are you, 55? Don't get me wrong, I love California and have lived there on two separate occasions, once in the Bay Area and once in the LA Area. It is by far, to me at least, the most beautiful state out of all fifty with such diversified topography, any kind of weather you want and an interesting history with plenty of bizarro aspects that I found endearing. But the Golden State of today is not the one I lived in. There has never been a time when it was losing population the way it is now. There's a reason so many working to middle to upper middle class people are getting out, and it has nothing to do with the bogeymen of yesteryear like earthquakes and fires and traffic and smog. It always had its problems like every state, but when I first set foot there in 1972 I thought I had died and gone to Heaven. Now I won't even visit. Bay Area, small town named Martinez. |
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Post by pippsheadache on Mar 19, 2024 13:58:10 GMT -5
Where in the state are you, 55? Don't get me wrong, I love California and have lived there on two separate occasions, once in the Bay Area and once in the LA Area. It is by far, to me at least, the most beautiful state out of all fifty with such diversified topography, any kind of weather you want and an interesting history with plenty of bizarro aspects that I found endearing. But the Golden State of today is not the one I lived in. There has never been a time when it was losing population the way it is now. There's a reason so many working to middle to upper middle class people are getting out, and it has nothing to do with the bogeymen of yesteryear like earthquakes and fires and traffic and smog. It always had its problems like every state, but when I first set foot there in 1972 I thought I had died and gone to Heaven. Now I won't even visit. Bay Area, small town named Martinez. Martinez? Hometown of Joe DiMaggio? (And also Tug McGraw.) That’s a well-known town in my book. I lived in Santa Clara for awhile in the early 70s. I bought a 1968 Dodge Dart from a dealer in Walnut Creek. Do you remember Carol Doda doing the ads for Channel 36? "You're watching the perfect 36." |
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Post by 1955nyyfan on Mar 19, 2024 15:34:21 GMT -5
Bay Area, small town named Martinez. Martinez? Hometown of Joe DiMaggio? (And also Tug McGraw.) That’s a well-known town in my book. I lived in Santa Clara for awhile in the early 70s. I bought a 1968 Dodge Dart from a dealer in Walnut Creek. Do you remember Carol Doda doing the ads for Channel 36? "You're watching the perfect 36." Rumor has it or so we like to claim, the Martini was invented in Matinez. I think that has been disputed as others also make that claim. I moved out in 77, while I know of Doda, I don't recall that ad. Dodge Dart was a pretty good car and with the right package could be pretty quick. I was a Mopar guy, my dad drove a truck hauling new Chrysler products. Always wanted a 69 Charger, maybe someday. |
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Post by inger on Mar 19, 2024 15:58:39 GMT -5
Martinez? Hometown of Joe DiMaggio? (And also Tug McGraw.) That’s a well-known town in my book. I lived in Santa Clara for awhile in the early 70s. I bought a 1968 Dodge Dart from a dealer in Walnut Creek. Do you remember Carol Doda doing the ads for Channel 36? "You're watching the perfect 36." Rumor has it or so we like to claim, the Martini was invented in Matinez. I think that has been disputed as others also make that claim. I moved out in 77, while I know of Doda, I don't recall that ad. Dodge Dart was a pretty good car and with the right package could be pretty quick. I was a Mopar guy, my dad drove a truck hauling new Chrysler products. Always wanted a 69 Charger, maybe someday. My apologies for insulting your home state. I retract what I said. Since you’re there, they can stay. It’s I “Colorado thing” to be pissed at Californians and Texans because they jacked up our real estate valuations. Actually, I’m glad. It helped me sell my home at a nice profit and downsize for retirement… |
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