Economics
Mickelsonian Reality Has Top Earners Weighing Relocation
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JD Montgomery, a California investment adviser whose clients have an average net worth of $75 million, was popular in the days after the November election, receiving about a dozen calls from clients about taxes and whether to leave the Golden State.
The reason for their desire to exit? Multiple higher federal taxes combined with rising levies in states including California. The bigger tax bite is pushing some top earners to buy properties across state lines, move businesses, change the jurisdiction of trusts and reduce gifts to charity.