British Columbia should be looking south to attract business and industry to this province. Many disgruntled California business people and industrialists are looking for other more tax accommodating environments to relocate to. This following California’s and the US government’s recent tax hike to hit millionaires’ incomes.
For California, some say, direct taxes as high as 55 per cent of income. Certainly many of those that are leaving California are looking to other nearby states, however others are looking even further than that, including other countries.
With declining populations and closing of schools in this province, we should be aggressively promoting British Columbia as a choice for those that are fed up with California’s tax structure. The only way that those Californians can avoid paying California’s retroactive taxes is to absolutely pull up stakes and leave.
A newly elected Democrat government of California with falling state income has elicited to raise taxation on the rich in an effort to continue to provide demanded levels of services. Discontinuing services, long lines to get a driver’s license, reduced education privileges are only some of the reasons, similar to the Greeks, that Californians are revolting, causing the government, in an attempt, to pacify these demanding populations, is to increase taxation on millionaire income earners.
Rich or not with 55 per cent taxation, say you earn $100 but only take home $45, where is the incentive? Government’s weak stand against aggressive demands for increased government provided services is the road to this catastrophe. The simple theory of taxing the rich, generally speaking, appears to reduce employment and send even more jobs off shore.
Quote, “After Proposition 30 passed on Nov. 6, 2012, the State of California experienced a decline in the total state revenue for the month of November. California State Controller John Chiang reported that the total revenue for the month of November declined by $806.8 million, which is 10.8 per cent below budget.
The State of California experienced a decline in its revenue as several of the high-income earners have relocated to other states, and have also relocated their businesses out of state. This led to a decline in corporate and income tax revenues by more than $1 billion.” Close Quote
Regardless, B.C. should have a team in California offering relocation to B.C. as a possible alternative for disgruntled California business and industry.