Calif. Dems’ Taxes on Millionaires Could Spell Disaster in Golden State

Progressive agenda could drive wealthy and businesses to flee, expert warns

“…Facing a massive coronavirus-induced deficit, Democrats in the California legislature are weighing a suite of new taxes on top earners, including a first-of-its-kind wealth tax and the highest top rates in the nation.

California is the most heavily taxed state in the union, but that did not stop legislators from floating an additional $60 billion in taxes by early June—before the wealth tax or income tax hike were proposed. Those latest plans would directly target the wealth of California millionaires, who already pay the lion’s share of state taxes…”

Just like NYC, CA Democrat policy makers focus on improving the business outlook a niche sector – movers!