Forbes has published an article, “Rocker Gene Simmons Kisses Off California Taxes, Should You Too?” which discusses California’s high tax rates and how to prevent audit risk after leaving residency in-state. The article begins as follows:
California’s 13.3% tax rate is enough to make almost anyone sick, including rock stars. Kiss rocker Gene Simmons announced he wanted to leave California for tax-free Washington state, putting his $22 million Beverly Hills California estate on the market. The listing of his palatial one-of-a-kind 16,000 square-foot mansion says it has a 40-foot foyer, parking for 35 cars, and a whole lot more. There is TV history here too, since the A&E show Gene Simmons: Family Jewels featured the property. “California and Beverly Hills have been treating folks that create jobs badly and the tax rates are unacceptable,” Simmons said. “I work hard and pay my taxes and I don’t want to cry the Beverly Hills blues but enough is enough.” Simmons isn’t the only one saying that. California may have more millionaires and billionaires, but the tax cost of living in the Golden State is high. It could go higher still, since the 13.3% Tax Rate may be raised to 16.8% retroactive to January 1, 2020. California top 13.3% rate is the highest in the nation, and it applies equally to ordinary income and capital gain. There’s even a legislative proposal for a 0.4% wealth tax.
Click here to see full article: “Rocker Gene Simmons Kisses Off California Taxes, Should You Too?”
Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.