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Proposed Legislation Would Hike Taxes On Rich, But Will It Drive Some To Leave The State?




Assemblyman Miguel Santiago, author of the proposal.
Assemblyman Miguel Santiago, author of the proposal.

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California already levies pretty high taxes on its top 1 percent of earners, but a new bill making its way through Sacramento would set up a new sliding scale of income taxes on Californians who make more than $1 million a year.

That money would go to the state’s general fund and could be used, for example, to help address the likely impending budget crisis the state will need to address because of the shutdown due to COVID-19. But some worry that yet another tax on the highest earners in the state might be an incentive for them to move out of state and somewhere that has friendlier tax laws for those who earn more than $1 million a year.

Today on AirTalk, we’ll take a closer look at what this proposed new tax on the rich would actually do and whether experts think it really could lead to some of California’s top earners deciding to move elsewhere.

Guest:

Roxana Tynan, executive director of the Los Angeles Alliance for a New Economy (LAANE), a Los Angeles-based nonprofit advocacy group

Joel Fox, editor-in-chief of the political commentary website Fox and Hounds Daily and the former president of the Howard Jarvis Taxpayers Association from 1986 to 1998; he tweets @1JoelFox1