Good article by Larry Elder hitting some of the high notes as to why people are leaving CA.
California's jobless rate, 7.3%, ties with Nevada's for last place. By contrast, Texas and Florida clock in at 5.4% and 4.6%, respectively. UCLA economist Lee Ohanian co-authored an August 2021 report on the tax and regulatory policies causing businesses to ditch California at an unprecedented rate. The report found: "Unless policy reforms reverse this course, California will continue to lose businesses, both large established businesses, as well as young, rapidly growing businesses, some of which will become transformational giants of tomorrow."
California policies are expelling rich high-profilers. Elon Musk, currently the richest man in the world, is relocating his Tesla headquarters from California to Texas. Musk, who says he will pay $11 billion in taxes this year, had already moved his residence from Los Angeles to Austin. In a population of almost 40 million Californians, 1% of taxpayers account for nearly half of the state's income tax revenues.
And Musk, the biggest of the one-percenters, just walked.
