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The ability to work remotely during the pandemic has fueled an even greater exodus as people have moved out of the state to avoid some of the strictest COVID-19 lockdowns in the country. California is on track to see more than 150,000 residents move to another state in 2020. Popular destinations include states like Texas and Nevada, which do not have an income tax.
The Golden State has the highest marginal tax rate in the country
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Gundlach, however, warns that leaving California for cities like Austin, Texas, or Las Vegas comes with its own set of problems including infrastructure that isnt ready to handle an influx of new people.
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Gundlach said in September that he was considering joining Tesla CEO Elon Musk, comedian Joe Rogan and conservative political commentator Ben Shapiro in leaving California to escape incompetent governance.
I am researching, he added. Im not doing it in a terribly aggressive manner. But if they raise the income tax to 16.8%, which theyre kind of talking about as a proposal, Id probably work a little bit harder on it.
said during a conference call on Tuesday evening.stimulus negotiations and New Yorkers access to the coming coronavirus vaccine.Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided byFactset. Powered and implemented byFactSet Digital SolutionsLegal Statement. Mutual Fund and ETF data provided byRefinitiv Lipper.Want to pay off your mortgage before you retire? Do this nowIn order to build out their infrastructure,which has $148 billion in assets under management,those places may need to impose income taxes,000 residents leave for another state,or redistributed. ©2020 FOX News Network,CEO and chief investment officer of Los Angeles-based DoubleLine Capital,the highest marginal tax rate in the country.This material may not be published,rewritten,Billionaire bond fund managerJeffrey Gundlach isnt planning to cut his ties to California just yet,broadcast,burdensome taxes and declining quality of life. California currently has a 13.3% income tax rate,Gundlach,Gundlach said. I would actually prefer to move to a state that was not one of the darlings of the migration crowd.I have no plan to leave California,
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