I am not a billionaire, but I left California largely for tax reasons too. I am in Washington state which has no income tax. If Washington state adds an income tax, I will move to another state. It is easy for wealthy people to move. And they will absolutely move not just in name. I can have just as much fun in Florida or Texas or Mexico city or St. Martin or Aspen or Spain as I can have in California. It costs a few thousand dollars to move, a rounding error for a wealthy person.
These tax laws that are so hostile to entrepreneurs will result in vast long term losses to the states that turn to socialism.
People who are able and willing to swap states on a whim don’t have roots. They’re mercenary citizens living in an insular wealth bubble. Money aside, what value do they bring to a community? I’d rather they just leave.
Every community I have lived in has benefitted enormously. I grew up in Washington state and built my first company here, employing several people in landscaping. When I lived in Los Angeles, I built a company employing over 100 Californians. Now that I am back in Washington state, I have a farm employing 5 people and have invested hundreds of thousands of dollars in the local economy.
I have NEVER taken any benefits from the government. I have paid millions of dollars in taxes in California and millions more to Washington state. City and counties have likewise collected huge sums from my work.
People who move from place to place can contribute more than people who stay in one place living off the system.
> I have NEVER taken any benefits from the government
Except if course billions of dollars in infrastructure dedicated to enabling your business to succeed. Also, the audacity to say that you took "no benefits" while operating a farm....
Heavily subsidized rural roads and utilities, tax incentives, all sorts of price subsidies depending on the crop. Police (which act primarily in the interests of capital), fire fighters, food safety inspectors to give people the confidence to buy agricultural products, social safety nets for the workers that farms pay as little as legally (or illegally) possible...
We desperately need to get RID of USDA inspectors so we can break the regulatory capture the big four meat processors have on meat sales. I live in WA state and have to pay $17 / hr minimum wage. You are regurgitating a lot of misinformation common on Reddit, have you ever run a farm or another business yourself? Please try starting a farm or business and your opinions will change rapidly as you see how things actually are.
Farm subsidies aren't opinions to be changed, they're hard facts. I live in the part of WA state that subsidizes all the red agricultural areas that love to talk about how much they hate us, I understand how the money flows.
Well, I firmly believe that the social value of a human being far exceeds their financial impact. It’s almost tautological that if a person can pack up their suitcase and flee anytime taxation becomes slightly unfavorable, then they’re not socially or culturally integrated into local life. Like I said: a mercenary citizen.
You might have built businesses in California and Washington (and that’s great) but it doesn’t sound like you particularly care about being a Californian or Washingtonian. So who are your people? Who are you?
I'm also defined by my friends and family, but if I decide to move states because I don't want to pay taxes, they're certainly not going to follow me. As with most people, my social circle is largely built on connections in my local community, and is not portable.
How much money would it take for me to leave them behind and start anew? Certainly not 5% of my wealth (or even 20%). And even that calculation changes completely once a long-term partner and/or children are in the picture.
These tax laws that are so hostile to entrepreneurs will result in vast long term losses to the states that turn to socialism.