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California has the fifth largest economic system on this planet, its gentle local weather, academic alternatives, and job prospects have attracted employees for greater than a century. It is usually residence to scores of iconic websites, dreamy seashores, superb surroundings, and top-tier infrastructure.
So why are folks leaving what appears to be a great state to dwell in?
Nicely… There are a few causes: excessive tax charges, the housing scarcity, political issues, homelessness, medication, wildfires and earthquakes.
You may now be asking, the place are these folks going?
The primary states are Texas, Arizona, Washington, Nevada, Oregon.
As of November 2020, over 40 corporations have relocated or moved their headquarters to the Austin Space in Texas. For instance, Oracle was one of many first tech giants to announce it was transferring its headquarters from California to Texas. After which, it was adopted by many different excessive profile tech departures, similar to Hewlett Packard Enterprise and Tesla. Moreover excessive profile people are making the transfer too, similar to Elon Musk and Joe Rogan.
Why are folks leaving?
Within the city and suburban components, California affords a poisonous mixture of the best price and the bottom high quality of lifetime of wherever in america…
…after all… …except you’re within the high 1% of earners.
[High tax rates – intro] #1: Excessive tax charges
The present high marginal revenue tax price in California is about 13.3% however legislators need to increase it to just about 17%. Doing this may be disastrous, I’d destroy the companies who’ve been hit the toughest by the Covid pandemic, like restaurant bars and gymnasiums, however it looks like it’s very more likely to occur.
California is one in every of solely two states with a tax price of over 10% (the opposite being Hawaii).
Now that California legislators have observed this mass exodus moderately than fixing what’s inflicting folks to go away they’ve began speaking about an exit tax for wealthy individuals who ditch California for greener pastures. They aren’t simply making an attempt to drive this wealth tax, however they’re additionally making an attempt to get the previous wealthy California residents to pay the tax for as much as ten years after they’ve moved out.
California has the best revenue and property taxes within the nation, if you issue within the taxes on gasoline and different native and federal taxes.
The tax price paid by the common Joe in California is simply 5–10% lower than European international locations like Germany or Italy.
The issue is that for all that cash, you don’t get something near European high quality of public companies.
…
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Intro – 00:00
#1 Excessive Tax Charges – 02:46
#2 The Housing Scarcity – 04:42
#3 Political Issues – 05:46
#4 Homelessness & Medicine – 07:00
#5 Wildfires & Earthquakes – 08:44
Outro – 09:39
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SOME OTHER GREAT YOUTUBE CHANNELS:
JAKE TRAN: https://www.youtube.com/channel/UCoOjH8D2XAgjzQlneM2W0EQ
JAMES JANI: https://www.youtube.com/channel/UCT0dmfFCLWuVKPWZ6wcdKyg
BUSINESS CASUAL:
https://www.youtube.com/channel/UC_E4px0RST-qFwXLJWBav8Q
ECONOMICS EXPLAINED:
https://www.youtube.com/consumer/JitaLounge
GRAHAM STEPHAN: https://www.youtube.com/c/GrahamStephan
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