Charles Payne
There is a serious scramble in this country to keep hard-earned money. Sure, the media points out the nation reelected President Obama and his agenda of high taxes and slow growth, but the majority of earners are voting in a different manner. They are seeking new places to live and putting money into the bank or under the mattress. Ironically, more and more are coming to the stock market knowing gains will be hijacked, but the net might still be better than low interest rates coupled with a dilapidated currency.

Last week Phil Michelson was pilloried by the national media for daring to say it's time to check out of California after Proposition 30 passed, which created four new high income tax brackets, with $1.0 million earners paying an extra 3% plus another 1% for mental health spending.

In addition, there was an increase in sales tax to 7.5% from 7.25%. So Phil, who pays 43% to Uncle Sam, will have another 13.3% of his income snatched, and he had the nerve to complain, suggesting it might be time to break out the driver, pack the bags, and get the hell out of town & state.

It's unfortunate he had to take the heat, which didn't get better even when Tiger told the press that's why he left, and that was before the latest tax increase. Keep in mind that even now people earning more than $48,000 have a whopping 9.3% tax hit. If Phil leaves, it could take him a long time to actually get out of the state because it's been a crowded line.

California's population grows each year, but it's very deceptive. There has been massive migration of the state's mostly educated and motivated people to other states.



Charles Payne

Charles V. Payne is a regular contributor to the Fox Business and Fox News Networks. He is also the Chief Executive Officer and Principle Analyst of Wall Street Strategies, Inc. (WSSI), founded in 1991 which provides subscription analytical services to both individual and institutional investors.