California residents, businesses consider bailing on Golden State over taxes [View all]

[Bennyboy]

This discussion thread was locked as off-topic by REP (a host of the Latest Breaking News forum).

Source: FOX (Never really has been the) NEWS


************************************************************************************************

From small businessmen in San Diego to vintners in Napa Valley, top-earning Californians reeling from a new state income tax are preparing to pack up and bail out.

"If you have excessive regulations and excessive tax, that's just not where you want to be," said Peter Farrell, president of ResMed a medical-device maker in San Diego that employs 600 workers and is considering moving its offices out of state. "California is unfriendly. It's become an unfriendly business environment."

One possibility is Texas, where the personal income-tax rate is zero, compared to 13.3 percent for top California earners.

Another San Diego-based company, Fallbrook Technologies, a maker of variable speed transmissions, recently announced it is leaving for Texas.

Nevada tax accountant George Ashley said he's received more than 100 inquiries from higher-earning Californians about the possible tax advantages and feasibility of relocating to a state with lower taxes.

"We have had a 10-fold increase from various parts of California, particularly Los Angeles and the Bay Area where many people are seeking a way to leave the state," said Ashley, who lives just over the California state line in Lake Tahoe, Nev.. "They are fed up with the situation and they feel like they are being unfairly treated."

Read more: http://www.foxnews.com/politics/2013/01/23/california-residents-businesses-consider-bailing-on-golden-state-over-taxes/#ixzz2IpLR55P7


Read more: http://www.foxnews.com/politics/2013/01/23/california-residents-businesses-consider-bailing-on-golden-state-over-taxes/

---

Please debunk this. This is making the right wing rounds today.....