
Prop 30 Is Driving Uber-wealthy Californians to Homes on Nevada Side of Lake Tahoe
Often I like to point out that “California is the engine of prosperity — for the other 49 states.” In this SACRAMENTO BEE article, we find that such prosperity starts just across theCaliforniaborder — on the Nevada side of Lake Tahoe — and took off starting in December of last year.
Nevada’s rejuvenated prosperity is directly related to the CA Prop 30 millionaires’ tax passed last November. And it’s not just prosperity — it’s BIG TIME prosperity, as California moguls flee the rich-hating “Golden State.” As one delighted Nevada real estate agent quipped,“Lake Tahoe — where the billionaires are pushing out the millionaires.“
A reminder — in November, California voters were delighted to stick it to the rich — raising their income taxes about 29%, and doing it retroactively to the first of the year. That was quite a wake up call to our state’s wealthiest residents. The increased tax revenue from 2012 rolled into Sacramento this spring, as the evil rich folks were caught flat-footed.
But now many of these… Read More