22 Hrs
Source:
New York Post
Rich Californians evade billionaire tax through creative methods
California’s proposed billionaire tax, which would impose a one-time levy of up to 5% on net worth exceeding $1.1 billion, is prompting wealthy residents to adjust their finances. Some are accelerating charitable donations, restructuring assets, or delaying sales and fundraising to avoid the tax, while others are considering relocating assets outside the state. Experts warn that aggressive tax planning could lead to legal issues, but many are seeking ways to minimize their liability amid the legislation's potential impact.
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