Posted by: Dan Oster
775 336 4665As a member of the Industrial Properties Group, Dan has participated in the sales and leasing of a wide variety of Industrial properties from 1,000 to 700,000 sqft in Northern Nevada. Dan's primary goal is to provide unsurpassed customer service to the clients he represents.
Why have Californians been fleeing their state over the past two decades, 200,000 per year, as compared to the 1980s when 100,000 Americans a year were moving into the state? The reasons are varied, but according to Joel Kotkin, one of the nation's top demographers, "the state is run for the very rich, the very poor, and the public employees." Once the tax structure is taken into consideration and the fact that California has the 48th worst business tax climate according to the Tax Foundation, it's no wonder that middle class young families, ages 5 to 14 and 34 to 45, are the top demographic leaving the state.
When it comes to taxes in the Golden State, millionaires pay a top rate of 10.3% (third highest in the country) and middle class workers, those making greater than $48,000 a year, pay a top rate of 9.3%. That is a higher tax rate than what millionaires pay in 47 of 50 states. Those Californians who are rich enough to live in Napa or West LA are still there. Poor Californians, 40% of whom pay no income tax, are sticking around too. Bearing more than their fair share of the burden, young middle class Californians are now en route to other parts of the nation less restricted by bureaucratic red tape and less encumbered by high state income tax.
In the following series of blogs, we'll make the case for why middle class workers, and the companies who employ them, should choose to put down roots in Nevada.