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February 6, 2013 6:45 PM
Millionaires consider leaving California over taxes
Posted by Staff
The NY Times reports:

It is getting awfully expensive to be a millionaire in California.

With the new year, big earners are confronting a 51.9 percent federal-state income tax hit on earnings over $1 million, the result of a confluence of new tax-the-rich levies imposed by California and Congress in the closing days of 2012. That is officially the highest in the nation. And at 13.3 percent, the top-tier California income tax is, in addition to being higher than any other state, the steepest it has been since World War II.
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