Rich People Are Leaving California Leaving State With $60 Billion Deficit Gavin Newsom Panicking

California has no peers. Wait, did y’all know that California’s rich people, 1% makes up half of the entire total tax take? Let me make sure that I heard her say that correctly. Analysts believe this could be a grave concern for the golden state, as high income earners make up just under half of the state’s total tax take. I did not know that. Did you all know that? Did you all know that high income earners make up just under half? So I was right, as usual.

But now we’re narrowing it down into the state of California alone. High income tax earners make up just slightly under half of the entire tax take in the state of California. Now, that means that the thing that you don’t want to do is piss off rich people. The thing that you don’t want to do. And this flies in the face of the guy that I was debating with the other day.

I think it was the last Friday or the Friday before that, but it was probably last Friday. This flies in the face of the person that I was debating with last Friday when I was telling them, I said, listen, fam, it’s an exodus over in California. Not only is it an exodus over in California of actually people that’s paying taxes in California, but the richest people that can afford to go where they want to go, they saying, all right, you know, just, I could fly over here and hang out whenever I want to, but I don’t have to live here.

California has no peers. California simply has no peers economically. Governor Newsom is right. But some state residents disagree. I’m seeing anywhere from two to five clients a month calling me and saying, we’re leaving. California saw a net loss of 750,000 residents to other states over the last three years, according to the US Census. So this flies in the face of what my man said. He said, no, man, people ain’t leaving these democratic cities and states.

Well, according to the US census, as reported by Sky News, who has no vested interest of what’s happening over here in the United States of America at all, they’re saying they experienced a net loss of 750,000 residents. Now, to some people that may seem like, oh, that’s not a big deal because it’s the entire state. Well, what if the majority of those residents were some of the most ideal people to have as tax paying citizens inside of your state? If the estate planning guy is saying that every day, every day he’s getting people two to three people a day, that’s basically saying, hey, fam, you might be losing me as a client, or you can keep me as a client, but just make sure you adjust for where it is that I’m going to be, because I’m no longer going to be in California.

But yet California taxes, just under half of the taxes that’s collected by the state itself, that allows for it to be solvent. And now it’s starting to all make sense, because when you see a year over year, the year before, California was operating@a. net surplus. Meaning that they were making more money than they were projected to spend. And so what they did was they started to give all of the people’s money that was paying all of the taxes over to the people that didn’t pay the taxes.

And they gave them a refund, they gave them more social services, they gave them all of this stuff, right? And then what a lot of people don’t know is that over in California, they instituted, maybe you can call it like a wealth tax, right? Where if your home was above a certain threshold in the millions, and if it sold after a certain date, it will be subjected to additional taxes.

And then I think if it was above 10 million, it was even more taxes that they were going to leverage and use for more social services or to give it to people that didn’t necessarily earn it. So high earners were going to be the ones that suffered the most, not only with how much they were paying in taxes out of their regular paycheck or based off of what their earnings were, but also on the amount of monies that they had to pay once they sold their properties.

So everybody was trying to get rid of their properties. They was even willing to offer it at more of a discount because they would be saving more money in the long run based off of how California was going to tax them to death. You cannot tax your way to wealth as a state in the same way that you cannot save your way to wealth as an individual. Let me say that again as a state, you cannot tax your way to success.

You can’t just raise taxes. Tiffany Henyard over there in Dalton and Thornton Township, you can’t just tax your way to wealth or to tax your way out of your problems, or every time that you start to overspend or do something wrong. Well, you know what? We just gonna make the people pay more. Eventually, they’re gonna revolt, because if they can leave, then they will leave. And a lot of them went over to Texas.

Yep. I’m sorry. A lot of them also went over to Vegas. I’m sorry. A lot of them also went over to. Sorry, a lot of them went over to Tennessee. Yeah. They went to these places that were primarily red or swing states. And then they leveraged the fact that they didn’t even have to pay state taxes over in those places. So they were already doing you, California, a favor by being there, meaning that they were paying more than they should have just to be able to live over there in Calabasas and be over there on the west coast and San Francisco.

But now that was like, you know what? You’re not going to not be thankful and kick my back in. I’m going to take myself the same. They was passport bros and sisters before the passport bros and sis. They said, listen, we going to be passport bros and sis, except we’re not going to go overseas. We just going to move over into a different state. We may mess up that state.

We may make sure that they vote in a certain way that’s not in the best interest, or we may turn it into the state that we came from. But in the meantime, we gonna take our money, we gonna raise the prices on the real estate over in the places that y’all are at, and then we gonna gentrify it. We gonna move y’all out. We’re gonna make it more blue, and then we’re also going to take our ball and we gonna go home.

And so that’s basically what’s happening over in California. There’s an exodus not only of people, but of the people that pay the most into the Wolfers. But the real story is, who is leaving? The one percenters, which is about 150,000, 160,000 people at a state of 40 million are paying nearly half of the income taxes. For the first time, the state is seeing a net decline in highly educated, upwardly mobile, high earning professionals.

Now, why is that a big deal? Because no state is more dependent on the wealthy than California. The top 1% pay 45% of the income tax. That’s crazy. The top 1% on top of your. And this is. Listen, this is on top of your federal taxes. This is on top of your payroll taxes. This is on top of everything, right? Because we know you separate yourself into a corporation a lot of times, which then forces your company, especially if it’s in California or the base of your company is in California, is going to pay separately from you.

Right. And then you, as an individual in the top 1%, is paying 45% of all of the taxes. So tell me again how poor people are. The ones that’s suffering the most have a million to $2 million sitting in their ira. And they’re saying, when I retire and I start pulling that IRa out, I’m going to be paying 13% state income tax. So I don’t want to do that.

So they’re heading out because of that reason and with them, the taxes that underwrite California’s progressive politics. The state says it’s facing a $68 billion deficit with income tax revenue down 25%. How do you go to a massive surplus the year before to a $60 billion deficit and a mass exodus of leaving your state are the tentpole of the american economy. Tax records show California’s going to Texas earned 137,000, while Texans coming to California made just 75,000.

So even the people that are replacing them, not at the rate that they’re leaving, but the people that’s replacing them, California people, are coming to Texas and they gentrifying a money. On average, the person over in California, now, this has nothing to do with your net worth. This has everything to do with your yearly earnings. On average, a person over in California leaving to go over to Texas is making $137,000 a year.

A person that’s leaving Texas to go over to California is only making $75,000 a year. Now, how does that work? Tell me why that makes sense for the economy over in California. Higher housing, higher costs, better weather, but definitely a lower tax base. So where are people going? Lower tax Arizona. And no tax Texas, Florida, Tennessee and Nevada, where people making $200,000 can save up to $15,000 off their state income tax.

Think about it. Why are they going over to Las Vegas or Nevada? Well, first of all, it’s the closest place over. And the only reason they’re going over to Arizona and they’re going over to California is because it’s right next door. So if they can get a residence over there. And think about it. If you’re making $200,000 a year, but you’re saving $15,000 a year in taxes, you’re basically saving the equivalent of $13 to $1,400 a month, which offsets the cost of travel to go back over and visit whenever you want to visit, so you set up your place, or you can get a main residence over into one of these states, and then you just spend a majority of your time over into those residents.

But you can still do and play where you want to play over to there, and it offsets the amount. So now I just become a passport bro, except for I don’t need a passport. I become an id bro, and my main residence is over in Las Vegas. But then I just go and visit or go right back over to California when I want to. And then some people permanently leave.

They go over to Texas to go to Florida to go to Tennessee. I know that the daily Wire moved their entire headquarters over from California, I believe, over to Tennessee. And I think that they’re in Nashville now, which basically made Nashville explode with the amount of money that it takes in order for you to live there. And so it messes up the fabric of that economy and that it explodes and it creates a bigger tax base, but it also offsets the residents that’s there.

So everything gets affected. You get affected? I get affected when people decide that they want to move and then other states don’t do what they supposed to do in order to make sure that they keep the residents, that they have that vote the way that they do. Okay. .