Well... 30 mil is a pretty low bar for those folks. It would subject the majority of their assets to wealth taxation. Rich people don't get rich by writing checks. If I was in that camp I would consider fleeing before the wealth tax became law and that appears to be happening. And its "worldwide" assets. Everything. Even options to purchase securities that have not been exercised would have to have a valuation assigned to them. Its pretty crazy, even for California.
Yeah, but they have to have California income to be taxed. The state of California has absolutely no idea what income you make in Texas or Arizona or any other state because employers only report income to the state where the employee is domiciled. So unless California receives income from an employer regarding an employee, no income tax can be owed or paid.
Exactly. Someone who is trying to escape California residency by purchasing a property outside of California and claiming they live there most of the year and thus are not California residents. NY and NJ see a lot of this with Florida.