California continues to lose some of its luster. As reported by the TaxProf Blog, California athletes leave for brighter, er, cheaper (on a tax basis) pastures. For those who don’t remember, Californians passed Proposition 63 last November. This proposition added a 1% surtax to the state’s income tax (raising the top rate to 10.3%).
So you’re an athlete, making lots of money, and have a choice of living in beautiful Newport Beach or Del Rey Beach, Florida. Both have nice climates (perhaps Florida’s is a bit more tropical), and both are nice places to live. And then you look at the tax rates. California: 10.3%. Florida: 0%.
At least the Democrats have given up (for this year) at increasing the top tax rate to 11.3%….
Thanks to the TaxProf Blog for pointing this article out.