Friday, November 27, 2009
"States hungry for revenue are turning to taxpayers to make up the shortfall as they deplete rainy-day and economic-stimulus funds. To avert a popular revolt, many are resorting to a so-called millionaire's tax, which puts the burden on a small group of the very well-heeled. ... In response, some wealthy residents are rethinking their financial strategies, including where they reside. They may see some sense to moving before they sell a business, for example, or stop using certain kinds of trusts. ... For the rich in California, the question can be 'do you really need to live in this state when you have a state next door that has a zero income-tax rate?' said Don Weigandt, a wealth adviser in the Los Angeles office of JP Morgan Private Bank. That next-door neighbor is Nevada", Arden Dale at the WSJ, 14 November 2009, link: http://online.wsj.com/article/SB10001424052748703683804574533602303700212.html.
Californian, hear today's Lenin, Weigandt; vote with your feet. I first advised my California clients to move to Nevada in 1998. Go!