“The highest-income Californians were less likely to leave the state after the millionaire tax was passed,” said the report.
The research was hailed by the California Budget Project, a left-leaning think tank in Sacramento. Chris Hoene, the organization’s executive director, said it “dispels one of the most persistent myths about state tax policy.”
This is a classic case of the Left believing their own lies. How do I know this? Look at France."French super-rich sell luxury homes to avoid taxes"
About 400 homes worth more than 1 million euro have been put up for sale since May when socialist Francois Holland came to power. The sales panic has been triggered by a 75% income tax on all earnings over €1million which will come into force later this year as a part of government’s efforts to cut the budget deficit.
“Now a large number of wealthy French families are leaving the country as a direct result of the proposals of the new government,” Sotheby's French boss Alexander Kraft told the Daily Mail. “These properties are then bought up by foreign investors looking for a stable real estate market like France to invest in,” he added.
The government’s plan to raise the top income tax rate to 75% has already sparked rumors in the media that France’s wealthiest people could leave the country to avoid taxes. Jean-Paul Agon, CEO of L’Oreal, warned that the tax hike would make it “almost impossible” for companies to hire top managers.
French people consider countries like Britain, Belgium, Switzerland and Luxembourg as a preferable destination. Last month Bernard Arnault, chief of LVMH, the luxury goods group including Christian Dior and Louis Vuitton confirmed he had applied for Belgian citizenship. However, he denied that his decision was determined by tax planning. The demand from wealthy French for London luxury real estate soared by 30% in the first three months of this year, according to data.
What I find ironic is that the article is posted at RT which is short for "Russia Times". You know them right? That's the country that was part of the United Soviet Socialist Republic. And here they are now being more capitalist than CA!
This should make you very, very sad.