Wealthy exodus to escape new tax rules worries California Democrats

[FakeNews]

The Republican-backed federal tax bill flipped the tables on a never-ending question for California politicians: Will high taxes lead the state’s wealthiest residents to flee the Golden State for the comparable tax havens of Florida, Nevada and Texas?

But now, with the federal tax bill cutting off deductions that benefited well-off Californians, the state’s Democrats suddenly are singing the GOP song about a potential millionaire exodus

Democratic state lawmakers are worried because California relies so heavily on the income taxes it collects from high earners to fund government services. The state’s wealthiest 1 percent, for instance, pay 48 percent of its income tax, and the departure of just a few families could lead to a noticeable hit to state general fund revenue.

http://www.sacbee.com/news/politics-government/capitol-alert/article195405279.html

 

[WoundedKnee]

A point made by VDH in his recent piece (NRO). Maybe they could build a wall?