Billionaire Jeffrey Gundlach slams California over taxes, may leave state

They are leaving.  The middle class and the rich.  If they can get out, they will.  Not only do we have the highest income taxes in the nations—ad going up, a Democrat has a bill to tax your income TEN YEARS after you leave the State.  Watch as that bill starts moving in Sacramento in the Spring, as the rich and middle class leave before it takes effect.

“Billionaire bond fund manager Jeffrey Gundlach is considering packing his bags to escape the “incompetent governance” of California.

Elon Musk, Joe Rogan and Ben Shapiro, to name just a few, are leaving California to escape incompetent governance,” Gundlach tweeted on Saturday evening. “The ‘response’ from Sacramento?  Wealth and massive income tax increases on job creators (AKA ‘the wealthy’).”

Gundlach, who did not immediately respond to FOX Business’ request for additional comment, has an estimated net worth of $2.2 billion, per Forbes. His firm, DoubleLine Capital, has more than $137 billion in assets under management.

While Gundlach hasn’t said where he is considering relocating, on Sunday evening he tweeted a picture of himself wearing a cowboy hat.

When he leaves, watch as fiancé and hedge fund folks flee the State as well—massive tax losses due to Democrats preferring criminals, illegal aliens and poverty to success and prosperity.

Billionaire Jeffrey Gundlach slams California over taxes, may leave state

Gundlach’s net worth is estimated at $2.2B

By Jonathan Garber, FOXBusiness, 9/28/20   

Billionaire bond fund manager Jeffrey Gundlach is considering packing his bags to escape the “incompetent governance” of California.

Elon Musk, Joe Rogan and Ben Shapiro, to name just a few, are leaving California to escape incompetent governance,” Gundlach tweeted on Saturday evening. “The ‘response’ from Sacramento?  Wealth and massive income tax increases on job creators (AKA ‘the wealthy’).”

Gundlach, who did not immediately respond to FOX Business’ request for additional comment, has an estimated net worth of $2.2 billion, per Forbes. His firm, DoubleLine Capital, has more than $137 billion in assets under management.

While Gundlach hasn’t said where he is considering relocating, on Sunday evening he tweeted a picture of himself wearing a cowboy hat.

Other wealthy Californians have already announced their departures from the Golden State after legislators last month proposed a 0.4% wealth tax on anyone who has a net worth of $30 million or more. The tax would also apply to former residents for 10 years before phasing out completely.

An additional proposal would raise the state’s top income tax rate to 16.8%, up from 13.3%.

The potential tax changes are being considered after Gov. Gavin Newsom, a Democrat, said in May the state faces a $54 billion budget deficit due almost entirely to the COVID-19 pandemic.

High taxes are only part of the equation for Californians who are considering moving out of state. They are also dealing with high living costs, a wave of civil unrest following the death of George Floyd, wildfires and rolling blackouts while increasingly being given the chance to work from home.

Conservative commentator Ben Shapiro announced earlier this month that he was relocating the headquarters of his media company, The Daily Wire, to Nashville, Tenn., due to a declining quality of life in California.

Shapiro’s announcement was weeks after comedian and podcast host Joe Rogan said in July that Los Angeles was “overcrowded” and that he wanted to live somewhere with “more freedom.”

Tesla CEO Elon Musk started the trend in May when he said he was considering moving the electric vehicle maker’s headquarters to Austin, Texas.

The company has since announced plans to open its second U.S. assembly plant in the city, but has not said if the location would serve as its headquarters.

In April, Musk railed against the U.S. government-mandated coronavirus closings and restrictions, labeling the moves as “fascist.”

About Stephen Frank

Stephen Frank is the publisher and editor of California Political News and Views. He speaks all over California and appears as a guest on several radio shows each week. He has also served as a guest host on radio talk shows. He is a fulltime political consultant.

Comments

  1. The article left out many others, such as 2016 Trump RNC Delegate Peter Thiel who left CA some years ago.

  2. It is the nature of Marxist’s to ignore truth in economics because they do not believe the reality of human history.

    Capitalism both is rational and meets the emotional needs of most people.

    Waters, Tax’n Jackson, Brown, Capps, Slick Newsom, Garcetti, and the list goes on. They don’t get it. The Socialist International concept of open borders, and all business wealth is “stolen” might sound good to those struggling, but is is not a rational world.

    Ask any hard working middle class person if they would intentionally spend more daily than they get in income? The answer would be no. Then ask them is they want government to do the same and the answer is almost the same, no.

    It is the elitist of the Marxist Democrats who have literally millions to burn who ignore truth.

    What the radicals on the Left want cannot be sustained. It will continue to turn Calif. Gold into Fools Gold.

  3. The predictable California collapse is gaining speed. When it happens the communist democrats will say their policies and governance had nothing to with it. It will always be someone or something else that is the cause.

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