Fearing the federal and state tax increases that may occur in the wake of the upcoming election, many wealthy Bay Area residents are packing up and moving out of California, according to a recent San Francisco Business Times article.
BPM Partner Sandy Murray, who co-leads the Firm’s Private Clients Services practice, is quoted in the article about the client response he’s received in recent months.
“The majority of my conversations lately with my clients are around the rules of domicile and breaking domicile with California,” Sandy told the San Francisco Business Times. “It used to be a theoretical conversation. Now there’s more urgency.”
He also noted the shift to more permanent work-from-home arrangements has provided the flexibility needed to escape the Bay Area’s high cost of living.
“Covid has changed things,” Sandy added. “People have gone to what used to be their summer homes and spent eight months there and realized they can operate from there. So why pay 13.3% and possibly 16.8%, in tax to California?”
Read the full article on the San Francisco Business Times website.
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