NRPLUS MEMBER ARTICLEIn a comical yet revealing turn of affairs, New York governor Andrew Cuomo is so desperate for wealthy New Yorkers to return to his state that he has resorted to personally calling them and offering to cook for them if they come back. The governor finds himself in this situation because New York’s sky-high taxes, restrictive business environment, and abysmal COVID-19 response have prompted many successful citizens to move elsewhere. No matter how many martinis Cuomo offers to buy them, many won’t be coming back.
Governor Gavin Newsom may soon find himself in a similar situation. The California Democrat has already witnessed a mass exodus from his state in recent years, as tax-weary citizens move on to new pastures. The exodus may turn into a stampede if California lawmakers’ latest “soak the rich” legislative push is successful.
Democratic state legislators have introduced a new Assembly bill that would raise the state income tax on California’s highest earners from the current rate of 13.3 percent to 16.8 percent. This would mean that, after factoring in federal income taxes, California millionaires would face a top tax rate of 53.8 percent. The proposal would even apply this tax retroactively, applying the levies to income dating back to January 2020.
Meanwhile, progressive state legislators have introduced a wealth tax that would fall on Californians with a net worth of $30 million or more.
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Videography by Barbara Rosenfeld 
