"California’s 40 million residents depend on less than 1 percent of the state’s taxpayers to pay nearly half of the state income tax, which for California’s highest tier of earners tops out at the nation’s highest rate of 13.3 percent.
In other words, California cannot afford to lose even a few thousand of its wealthiest individual taxpayers.
If even a few thousand of the state’s 1 percent flee to nearby no-tax states such as Nevada or Texas, California could face a devastating shortfall in annual income."
https://www.nationalreview.com/2019/02/california-state-taxes-richest-one-percent/
In other words, California cannot afford to lose even a few thousand of its wealthiest individual taxpayers.
If even a few thousand of the state’s 1 percent flee to nearby no-tax states such as Nevada or Texas, California could face a devastating shortfall in annual income."
https://www.nationalreview.com/2019/02/california-state-taxes-richest-one-percent/