Warnings that a new millionaires' tax would send California's wealthy stampeding for the state line began before the results were final. But the super-rich may well stand their ground.
"Anyone know a good realtor in Incline Village?" Aaron McLear, the spokesman for California's anti-tax campaign, tweeted early the morning of Nov. 7 as the votes against his cause streamed in. Nevada's Incline Village shares mountain Lake Tahoe with California, and has no income tax.
California's vote raised its top rate by 3 percentage points to 13.3 percent, easily the highest in the nation, drawing howls of protests from critics who doubt the taxes will be well spent and who fear a Democratic supermajority will wreak further havoc. "At least Californians can still escape to Nevada or Idaho," a Wall Street Journal editorial concluded.
It's too early to look for signs of an exodus. But if history in California and New Jersey, another state with high taxes and its share of multi-millionaires, is any guide their won't be a run for the exits.