Jeffrey Gundlach, a billionaire hedge fund manager, appears to be the latest on the list of celebrities and millionaires who want to leave or have already left the state of California because of Democratic policies that make life very difficult, Fox News reported.
“Elon Musk, Joe Rogan, and Ben Shapiro, to name just a few, are leaving California to escape incompetent governance,” Gundlach tweeted on Saturday evening, Sept.26. “The ‘response’ from Sacramento? Wealth and massive income tax increases on job creators (aka the wealthy).
After California lawmakers last month proposed a 0.4% wealth tax on everyone with a net worth of 30 million or more, many Californians announced that they would leave the state. The tax would also apply to former state residents who would pay it for 10 years before phasing out. In addition, there are other legislative proposals to increase the income tax rate to 16.8% from the current 13.3%.
California has been plagued with problems due to alleged mismanagement by Democratic leaders.
For example, because the gap between rich and poor has increased dramatically in recent years, beautiful cities like San Francisco that have the highest number of millionaires per capita have become public toilets because of the number of homeless people living and camping on the streets. In 2018 alone, more than 28,000 incidents of human excrement were reported on the streets, according to a Fox News report.
In addition to the fact that the cost of living is up to 50% higher than the average for the rest of the country, wildfires along with scheduled power outages when people are asked to work from home due to the health emergency, have made it very difficult to live in California.
Another example of bad policies is the famous sanctuary cities of Los Angeles County, where authorities continue to release people who are not only illegal immigrants, but also dangerous criminals convicted of murder and sexual abuse, according to Breitbart. This of course is reflected in increased insecurity.
According to a short documentary film, “Fleeing California” by Prager U, despite supposedly progressive policies, California has the highest poverty rate in the country with 1 in 5 Californians live in poverty.
Elon Musk was one of the first to publicly initiate an exodus from California when he announced in May that he was moving his Tesla auto plant to Texas or Nevada because county authorities would not allow him to reopen his plant due to restrictions imposed by the CCP Virus.
Frankly, this is the final straw. Tesla will now move its HQ and future programs to Texas/Nevada immediately. If we even retain Fremont manufacturing activity at all, it will be dependen on how Tesla is treated in the future. Tesla is the last carmaker left in CA.
— Elon Musk (@elonmusk) May 9, 2020