California Exodus: Why The Golden State Is Losing Its Glitz – MGR Unplugged Podcast
What’s wrong with California? More Americans are leaving California than ever before. We cover some of the reasons… and it doesn’t look good for the future of the Golden State.
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In this episode:
The NBA Playoffs. First week recap, and what we have learned so far.
After being forced to classify their workers as employees rather than independent contractors, Lyft suspends service in CA. Uber may follow. Then CA judge reverses order and they both decide to stay… for now.
How quickly California is becoming the “no fun state.”
A new B 1253 proposal wants to increase the top tax rate for high earners to 16.8% making the combined tax rate for top earners at 53.8% and this would also apply to capital gains. If approved in August 31st , it would also be retroactive to January 1st, 2020.
On top of that, a new an unprecedented AB 2088 proposal includes a first-in-the-nation “Net Worth Tax.” This proposal will create an additional 0.4% tax rate for individuals with a net worth above $30 million. And for those planning on moving out of the state, the legislation includes a provision to tax retroactively for 10 years, although it will drop over time for each year they are out of the state. This is not about income, but rather about assets, so the interpretation of assets value by each party will be interesting. The exodus of VCs, start-ups and high net worth individuals has started…
Add to that the ongoing wild fires in the stated causing all kinds of trouble, costs and aggravation to California residents. Did you know? CA has had 6,754 wild fires this year, compared to 4,000 at this time last year, according to Governor Newsom. As is COVID-19 wasn’t enough, add now pollution, traffic, power blackouts, smoke in the air, high taxes and expensive living… no more California Dreamin’ Welcome the new California Exodus.
Finally, Airbnb files confidential IPO. What does that mean? It did not disclose financial information or how many shares would be offered. However, the company was valued at $18 billion in April, is about half of the valuation it had in 2017. We will follow closely how this IPO develops in the coming weeks.
All that and more in this episode of MGR Unplugged.
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