Fortune 500 Companies are not the only entities leaving California. Like Bechtel, CBRE, McKesson and Charles Schwab, big companies moving their headquarters out of the Golden State, some celebrities are also on their way out.
With the great wealth many superstars and entrepreneurs have accrued, they are painfully subject to California’s 13.3% income tax rate – the highest in the nation – with the potential of a new bill passing that would include an exit tax which could play out for 10 years after moving out of state. Gene Simmons, the bassist for iconic rock band Kiss and astute entrepreneur, recently began his exit by placing a Laurel Canyon rental property on the market and within weeks is now kissing his long-time family home goodbye. Having just hit the market, it is priced at $22 million.