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High earners consider moving from California over high taxes

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    William La Jeunesse reports from Los Angeles

  • Duration 4:19
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Welcome back we're waiting to hear from golf star Phil Mickelson this afternoon he will be speaking to reporters for the first time.

Since suggesting.

That he never have to leave California due to the State's high taxes.

And he's not alone many of California's top earners were -- just fed up and they're considering their own lives.

That's because the states already high taxes.

Mixed with new federal taxes when they could take away more than half of their earnings.

Fellow golfer Tiger Woods responded to Nicholson's comments explaining why he left California over a decade ago -- -- -- -- -- -- -- back in what 96.

-- -- or for that reason and it's.

I I enjoyed Florida but it's also.

I understand what it is I -- trying to say.

William -- NASA's live -- in Los Angeles with more on this developing story hi William.

We'll have a Mickelson isn't the only millionaire in California effect we have 35000.

Of them.

And I talked to several -- -- to either have or want to relocate.

Without the expect a legal challenge and harassment from the state.

Which hopes to rake in an extra five to seven billion dollars a year by charging the 1% 13%.

-- income taxes.

If you have excessive regulations.

And excessive tax.

That's just not where you -- -- -- -- from San Diego to San Francisco wealthy Californians are bailing out.

We have had a ten fold increase in calls from.

Various parts of California.

Particularly from Los Angeles in the Bay Area.

Where many people are seeking to find a way to leave the state some.

Already have it never stops its pay a little more this year pay a little more this way pay and other business tax here there's no win.

So we decided to end it after California voters raise taxes on the rich California taxpayers earning more than a million dollars paid a combined top rate last year of 45 point 3%.

Today that's 53 point 85 points more for the fans three more for the state.

How much pain do you put out -- With something -- you think is a logical Peter Farrell is considering moving his medical company out of California while this tax consultant has multiple clients studying a similar move.

This is -- happen.

I saw.

Just.

Huge change in the mindset it it was almost if as if you know watts that's.

That pushes -- -- the -- I guess they're fed up with the situation.

And you know they feel.

Like they're being unfairly treated.

These charts show you why the top 5% of California taxpayers those over 250000.

62%.

A state income taxes the top 2% pay 46%.

While just 34000.

Taxpayers out of fourteen million.

Pay 25%.

Estate taxes.

I talked to a lot of these guys they don't want to go on camera but number one they're not dumb number two.

They have respiratory studying where to go and how to do it some of the kids in high school so they can't others though because there -- comes from capital investments.

They're planning to leave but it's not easier to sell all of your properties here and yet to stay out of state nine -- year.

Actually have a there's a group of guys in San Diego who get together and they assigned each won a state or country to develop a checklist on the best places to go to that I talk to move.

Who are saving 300000 dollars a year in taxes by moving one -- away.

Thank you -- a checklist on the best places to go -- -- at what tops their list.

Well number one no income taxes Washington State Nevada Arizona has about half -- what California's Texas obviously Florida's a long way away some of these guys have ties in some of these neighboring states with -- business that are here.

But they can -- -- into California but that's very easy for them to move.

But then again you know you got grandkids to get kids got -- you -- you -- a way what is going.

What's gonna work for you but I'd be able to Costa Rica -- to New Zealand they've looked at Singapore this is these are not dumb people when there were five or ten million dollars now.

They're saving a lot a money -- like they're serious about it late -- -- -- here at -- thank you but I'm.

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