California business leaders are alarmed over the increase of proposals aimed at boosting tax revenues, including the state’s personal income tax rate, creating a wealth tax and putting a levy on unrealized capital gains. While those proposals did not pass this year, lawmakers are planning to put them forward again in the next session.
The Bay Area Council, which includes BPM CEO Jim Wallace, held a panel discussion Thursday about the efforts to raise taxes at the state and local level.
In a follow up article, Jim Wallace talks about how some high-net-worth Californians are already moving out of state before any of the possible tax increases pass.
“The No. 1 question in the last nine to 12 months, even before these tax proposals were announced, was what does it take to move out of state?” said Jim Wallace in the article. “Investment advisers are beginning to advise their clients one of the best ways to manage their wealth is to not be in California.”
Read the entire article on the San Francisco Business Times’ website.
About Jim Wallace
With over 35 years of public accounting experience, Jim is BPM’s Chief Executive Officer and serves on the Firm’s Board of Directors and Management Committee. Prior to joining BPM, Jim served as Chief Operating Officer at Rehmann, where he led the firm through several business combinations, growing helping to grow the organization from $45M to $110M over his tenure.
As CEO of BPM, Jim focuses his attention on leading strategic initiatives that raise the Firm’s national prominence through the expansion into new markets, concentration on specialty services and business combinations in key markets. Through his leadership and commitment to “Because People Matter,” the Firm continues to be recognized as a Best Place to Work and serve clients.