Monday, September 24, 2012

Walters: Will wealthy flee California if their taxes rise?

Uh, that would be affirmatory.
Critics of the tax measure cite golfer Tiger Woods, who grew up in Southern California but relocated to Florida, which has no state income tax, as an example of how the rich have choices.

A better example, however, might be technology inventor Gilbert Hyatt who, by happenstance, is awaiting a Nevada Supreme Court decision in a two-decades-old, high-stakes battle with California tax collectors over their efforts to declare him a taxable Californian.

Hyatt made millions of dollars from his technology inventions in the 1990s and, he says, moved to Nevada before he started reaping his bounty.

The California Franchise Tax Board aggressively pursued Hyatt for taxes but failed to collect them. Hyatt won a U.S. Supreme Court decision upholding his right to sue the board for harassment, and a Nevada jury awarded him $490 million in damages.

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