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Leaving California: An Idea Whose Time Has Come

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In this episode, Jason Hartman talks about why he left California. He also shares that other top YouTubers like Graham Stephen, Joe Rogan, and Ben Shapiro are clearing out and discuss why.

Announcer 0:01
This show is produced by the Hartman media company. For more information and links to all our great podcasts, visit Hartman media.com.

Announcer 0:11
Welcome to the holistic survival show with Jason Hartman. The economic storm brewing around the world is set to spill into all aspects of our lives. Are you prepared? Where are you going to turn for the critical life skills necessary to survive and prosper? The holistic survival show is your family’s insurance for a better life. Jason will teach you to think independently to understand threats and how to create the ultimate action plan, sudden change or worst case scenario, you’ll be ready. Welcome to ballistic survival, your key resource for protecting the people, places and profits you care about in uncertain times, ladies and gentlemen, your host, Jason Hartman.

Jason Hartman 0:59
Hey, it’s Jason Hartman. And since it seems to be popular, to pick on my former home state, I figured I would do it too and share my story as to why leaving California was one of the best decisions of my entire life. We’re going to talk about the business climate, we’re going to talk about the culture, we’re going to talk about taxation, we’re going to talk about all of those important things that affect so many of our lives lifestyle, not not the least of which lifestyle in general, and a lot of these things just add up to lifestyle. So as as there is no shortage of people talking about moving out of California. Now, this, I want you to understand something, this also applies to any place that has a similar climate. No, I don’t mean weather, I mean, a governmental climate, a cultural climate. So everything I say about California, probably applies just as well, to New York, or many other areas that are becoming less and less desirable. You know, as we look at California, that was a major part of the culture of not only the entire country, but the entire world. California had Hollywood, right and Hollywood was was the media that we all consumed. In addition to Hollywood, the movie industry, the TV industry, it had the music industry. So you know, music, movies, television, I mean, that influenced the entire planet, the whole human race was influenced by what came out of Southern California where I lived for the vast majority of my life. Now, what I want you to understand is that a lot of places, and a lot of businesses and a lot of people are sort of writing on a reputation that was well deserved at one point that was earned at one point, but it’s just no longer true. If you look at other places around the world, you know, I was born in Europe. And whenever I go back to Europe, every time I go, I usually go a couple of times a year, I think this place just keeps getting less and less desirable than it used to be.

And, and it’s really true, you know, Europe, couple of 100 years ago was the center of culture and arts and civilization in so many ways. I mean, not ancient civilization, of course, there’s Egypt and everything else, but forget about. I’m just trying to make a point that, you know, the Renaissance really came out of Europe, right. And a lot of great stuff came out of California, in the 50s, the 60s, the 70s. And even up until the 80s. And after that, it really all started to change very dramatically. So whether you remember California, as that cute girl, Gidget or the Mickey Mouse Club and Disney or more recently, you know, 90210, or Melrose plays Beverly Hills 90210, or, or even more recently than that, Baywatch, or the movie grease, or the Beach Boys, you know, all of this great stuff that influenced culture, not only around the country, but also around the world. That is not the same California we have today. And it hasn’t been that way for really a couple of decades. But it takes a long time for people to change their plans to change their location to change their businesses to change their decisions, their perceptions of a place and really they do need to change and hopefully, this video will help you understand some of that stuff and why you might Want to make a different decision if you live in New York, if you live in California, it might be time to move. So of course, high taxes, this is no secret anybody. We all know that California and New York and many other places around the country and around the world, the government’s are getting desperate. And they are looking to tax everything that moves. And, and then they of course, have high cost of living, mostly determined by the cost of real estate in these areas. But in general, everything is expensive. Because when the real estate is expensive, that influences the price of virtually everything else. Because every business operates in or on real estate, and when Real Estate’s expensive, they pass that cost through to the customers, very intrusive government. And if we have time, you know, I can give you some examples about that I ran a few different businesses in California, and the government just became progressively more and more intrusive. And it was not pleasant. Lack of entertainment, when real estate gets expensive, when regulations get heavy, when government gets intrusive, when taxes get high. There’s just a lack of new entertainment options. They’re just not building anything. They’re not building many new restaurants. They’re not building many new concert venues or movie theaters or whatever, right? They’re just not having as many events. Because there are so many permits, there are so many regulations. There’s so many hassles to do this stuff. Cultural isolation.

Well, it’s no secret that California, you know, I remember seeing Leslie Appleton, young, who I’ve interviewed on my podcast and YouTube channel, she was the or still is the chief economist for the California Association of Realtors, a very powerful trade group in the state of California. And I remember back in the late 90s, seeing her give a speech about California and what was going on there and how the economy was going to be how the real estate market was going to be. And she said, I would tell everybody here to go learn another language. But I can’t tell you which one to learn. Because in California, you have 29 eight your languages that are spoken. And, you know, language is a cultural barrier, not only customs and other things, but language, just language alone. When you go into stores, coffee shops, wherever you go in California, people are speaking a whole variety of languages, which is kind of interesting on one hand, but it’s isolating on another hand if you don’t speak that language. And that’s why when you know, in any country, when we see certain expats and immigrant groups, they all kind of stick together, right? Because they feel more comfortable with people who share their customs and speak their language. And I certainly understand that if I lived in a foreign country, and you know, I didn’t speak the mainstream language of that country, I would find the expat community and, you know, hang out with people I knew and understood and shared common bonds with, but that’s isolating as more and more of that, that changes in the cultural landscape. draconian laws, Oh, my gosh, California, and New York, probably the two leading countries in the United States for draconian laws. You know, when when you get a situation where the government just feels that they need to control everything. And remember, at the end of the day, a law always equals a fine, that equals if the fine is not paid, that equals imprisonment, right? That’s what a law is. A law is a set of rules. You don’t follow the rules, you pay a fine, you don’t pay the fine. They come and knock on your door with guns and handcuffs and take away your freedom. Right? That’s what a law is. Every law boils down to that is the end result. And so the more and more laws a government makes, and you know, every year on New Year’s Day, we always hear well, California has enacted 871 new laws this year, and last year, they instituted 932. I’m just throwing out numbers, but those numbers are fairly accurate, actually, hundreds of new laws every single year.

How many laws get repealed? Almost none. laws don’t get repealed. They just keep adding new laws. And every law represents a tax collection opportunity for the government. tied in with cultural isolation, diminishing social life. I found that a lot A lot of my friends kept moving out of state, because they just didn’t want to put up with any of this stuff, the high taxes, the high cost of living the draconian laws, the intrusive government, the crowds. You know, I didn’t even mention traffic, right. And, and you know, just in general, California is very business unfriendly. And when businesses leave, the the people leave. And that’s almost always just the productive people leaving, not the people that are looking for a handout or looking for something for free, they stick around, right? Because California is a state that basically says, Look, if you are not productive, come here, and they are a magnet for this, and we will give you free stuff. So we can buy your votes. That’s the speech of any California politician, New York politician, and, you know, left leaning socialist politician. Okay. So this is a quote, I came up with a while back, when the government is broke, it becomes predatory on its citizens. And this is just true every time you never want to live in a place where government is desperate. Because when government is desperate, they are going to find a way to squeeze money out of the remaining productive people and businesses, they just have to do that. They’re broke. And you do not want to live in a in an environment where you have a poorly managed government, because they always become predatory on the citizens. Joe Rogan, a famous podcaster, he left California and moved to Texas, you might have heard he had a big buyout of his show. And it’s pretty interesting. Let’s listen to what he has to say about it.

‘Audio Clip’ 11:52
I just want to go somewhere in the center of the country, somewhere, it’s easier to travel to both places, and somewhere we have a little bit more freedom. Also, I think that where we live right here in Los Angeles is overcrowded. And I think most of the time, that’s not a problem. But I think it’s exposing the fact that it’s a real issue. When you look at the number of pieces of people that are catching COVID because of this overpopulation issue. When you look at the traffic, when you look at the economic despair, when you look at the homelessness problem that’s accelerated radically over the last six 710 years. I think there’s too many people here. I think it’s not tenable. I don’t think it’s manageable.

Jason Hartman 12:34
And so that’s well said, I mean, think about what Joe Rogan is saying, right? A friend of mine, as I was noticing the decline of California, in the mid to late 90s, I saw a friend of mine, a well known very successful businessman who lived in Corona Del Mar, California Newport Beach area. And I said to him, I said, Hey, you know, what, what do you think’s happening here? And he said, Look, if if you take a lot of rats, and they’re out in the open, they’re fine. But if you make their environment smaller, and smaller and more crowded, they’re going to fight. And that’s what’s happening in places like California and New York, people are fighting for a limited supply of resources. And so with overcrowding, the homelessness, you know, that we don’t have to talk about the COVID thing too much, but the shutdowns and the draconian laws and things like that, they’re just absolutely crazy. So, so then Ben Shapiro, same story, right. Ben Shapiro, a well known media personality, high taxes, homelessness, crime, high cost of living, let’s listen to what he says.

‘Audio Clip’ 13:43
He, the city of Los Angeles decided that they were going to see the entire city to low level criminality, they’re not going to enforce the law. They’re not going to keep the streets clean. They’re not going to make it liveable for me to allow my children to play outside of our front gate without adult supervision between them, allowing the streets to become incredibly dirty and dangerous. Because here’s the reality. If I let my kids walk around the neighborhood, they will stumble across to open needles during the course of that walk. Because the city has specifically told law enforcement, they can’t do anything about the rampant homelessness problem that has plagued Los Angeles there are 66,000 homeless people in LA County, every single underpass in LA has entire living facilities for homeless people. This is not by the way, sympathy to the homeless, many of whom really need serious help, they’re drug addicted, or mentally ill. And the city has decided that in the name of freedom, they’re going to allow the suburbs to be overrun by this homelessness problem that does affect people who are paying their taxes. It between that, between the fact that they’ve decided to defund the cops and move away from allowing the police to do their jobs entirely. Between the increased taxes and the higher levels of crime, and the lower levels of cleanliness.

Jason Hartman 14:49
And you know, he’s absolutely right. I grew up in Los Angeles. I remember I used to go to school in Santa Monica. And when I was a little kid lived on Bondi drive in Santa Monica and And then lived in different places in LA. And you know, I go back there now. And it is unbelievable. There’s just homeless people sleeping everywhere. There’s no proper facilities for them. These places are disease ridden. They’re, you know, it’s just awful. And yet across the street in this banana republic type environment, you have ultra wealthy people. And it’s just, it’s just a mix that just simply doesn’t work. And it’s, it’s, it’s really sad. Here’s my old home, okay, this was my last home in Orange County, California, okay. And my total cost of this home was over $11,000 a month, okay. $11,000 a month. Now, I want you to see the comparison here. I left, I sold this property. And I moved to Arizona. And that was my first move 10 years ago, okay, and I thought I won the lottery. Because here’s the deal. This home was only it was only like 1900 square feet, it wasn’t very large and had a nice big yard for the area and a view of the ocean in the distance and sunset and city lights. And, and that was nice. But the house itself was not very big. I bought it when it was brand new, and live there for several years. And then I sold it $11,000 a month. Check out the comparison, when I moved to Arizona, and I remember crossing the state line. And thinking as I saw that sign, my state income taxes just declined by 69%. state income tax, of course, the federal taxes the same in Arizona is not a no income tax state, they do have tax there. But it’s dramatically lower 69%, in my case, lower than the Socialist Republic of California. And, and this is something I posted on Facebook in 2013. And I just noticed after I left, I was noticing more and more people leaving. And I was noticing the more successful they were, the more motivated they were to leave. So check this out. I’ll just show you a comparison here.

Right? This is California. And when you look at your state income taxes now these are for people who are doing or this is for people who are doing pretty well, right? This is $600,000 a year in income. Now there are many people that are much, much richer than that. And you know why there aren’t enough jobs in California, because these people tend to own the businesses. And they’re moving, they’re getting out of the state. So let’s just compare it with $600,000 a year in adjusted gross income. Okay, in California, their state tax is $53,000. In Arizona 30 $25,000. In Texas, or where I live now, Florida, or many other no income tax states, it’s 00. No state income tax. So you save yourself $53,000 a year, by leaving California, New York is pretty close. So it’s not that far off. So basically, every single year, you can buy yourself a brand new at the time BMW five series, and pay cash and get a brand new car every year, just because you aren’t paying California state taxes. Now, that doesn’t include all the other cost of living. Let me show you the example. So here was my house in Arizona, the first place there, right, it was twice as large. It was 30 $600 a month I rented this, it was a penthouse apartment, in the tallest all residential building in the entire state of California. Windows on three sides. I saw the sunset, and I saw the sunrise every single day from one side of the house or the other. This is the sunrise when I’d wake up. And I don’t know if I have a picture of the saddle. There’s the Sunset from my bedroom. Okay, so just absolutely incredible. Now compare that to $11,000 a month, right? just unbelievable. And I talked about the languages. And you know, here just so you can see is a mean when you look at a state of about 40 million people. Look at the number of English speakers, it’s only about half the state. Spanish is a fourth of the state. And then you’ve got all these other languages here. Right. So this is part of that California shift that has occurred right now. We looked at $600,000 Let’s double that. Here. We look at California, Arizona, and No income tax states like Texas $110,000 a year 53,000 a year in Arizona, zero in the no income tax states. So you could literally buy a decent rental property and build a portfolio of rental properties every single year with cash. Not that I want you to do it that way. Because, you know, I teach inflation and do step destruction. And I like you to finance it.

But it’s just an example of the tax difference. It’s absolutely crazy. Now one of the things that really helped the California real estate market and the California economy in general, was way back in 1978, there was a man named Howard Jarvis. And he pushed a thing called proposition 13. And it passed. And it was a boon for Californians and California real estate while prop 13 is getting eat. No, they’re chipping away at it. Okay, it hasn’t totally gone away yet. But a lot of it has okay in the last election, but it’s going to get worse. Because as soon as and I have noticed this, maybe you have to, as soon as there is a bill, or a proposition or a referendum in government anywhere. As soon as that talk gets out there into the ether right into the environment. It’s a slippery slope. It’s a short time before ultimately it happens. Maybe it doesn’t happen the first time around prop 13 is still partially after the last election, partially in force in California, but part of it is has dissipated, they’re chipping away at it, as I say. And is as soon as the talk gets out there, though, you know, it’s only slippery stuff. They’re gonna chip away every election or every, you know, Executive Order, or every time the assembly meets, they’re going to chip away more and more of this stuff. And there are many, many end runs around the will of the people to do this. So this is going away. Mark my words. It’s a Yeah, it’s a prediction. I could be wrong. But prop 13 will ultimately just it’ll just evaporate, it’ll vanish. The state is broke. They need the money. Okay, so in the last election, they chipped away at it. I don’t think I need to go into the details. You probably already know this stuff. Okay. I had dinner in Austin, Texas. With Tim Ferriss, you might recognize this guy at the end of the table. That’s Tim Ferriss, the famous author, and he moved from Silicon Valley in Northern California, to Austin, Texas. And I had dinner with him, literally a four hour dinner, I kid you not. Okay. After he moved to Austin, Texas, he’s the author of the four hour workweek, the Four Hour Body, the Four Hour Chef, you probably know these books. They’re they’re very well known bestselling books. And that he talks about how he left California, why he left California. And, you know, everybody just realizes that a certain point, it’s just kind of overrated. It’s riding on a reputation that was developed decades earlier. And it’s just not the same. You know, here’s another headline California continually tries to chase away the wealthy tech exit as California tech companies are leaving for Texas and not just Texas, other places. The mayor of Miami is doing a good job trying to attract tech companies and a lot of tech talent into South Florida. And so things are changing. Do not miss this change in the tide. It’s been going on for a while, and it’s only accelerating a famous YouTuber, Graham, listen to what he says about leaving California, he just moved to Las Vegas.

‘Audio Clip’ 23:56
But once everything was shut down, and both of us went entirely remote, there was the realization that we can work from pretty much anywhere. And we don’t have to be anchored to one specific city to lead a fulfilling and happy life. Not to mention on paper, I’m not oblivious to how much money I would be saving if I moved to a no income tax states like many of them before me. And that’s now a number that’s grown to the point where I can no longer ignore the cost benefit of move.

Jason Hartman 24:19
So there you go, right. And he cites high income taxes, high business taxes, crime rate, increasing homelessness, high cost of living wildfires, air quality problems, too many regulations. And so you know, you may be you may be familiar with his work, and there you go. Okay, so what about this one? This is a friend of mine, this is Mark moss, and he is also a famous YouTuber, and he just moved from Orange County, California to Puerto Rico. Now, if you don’t know about it, I’ve done some other shows on this. Puerto Rico has for us citizens. The best tax deal In the world, I’ve considered moving there many times, every time I go, I think about it again, many of my friends have moved there, including mark. However, I just don’t like it well enough. So I figured I’ll at least live in a no income tax state, like Florida, I absolutely love Florida. But here’s what he has to say.

‘Audio Clip’ 25:19
But then the income taxes, the income taxes, for me, were the straw that broke the camel’s back. In California, we pay state income taxes, there are seven states in the nation that don’t pay any income taxes, but in California, we do. And that’s 13.3% 13%, just to live in the state. On top of that capital gains taxes are based off an investment income, I’ve been a full time investor for a long time. So a lot of my income comes that way. And in California, they don’t give you a special tax rate for that it’s taxed just as ordinary income. Now on top of that, in 2018, they tip they change the federal tax law to where I can’t even write off my state taxes anymore. And then if that’s not bad enough, they say by next year, they’re raising the tax rates, again, up to 16.8%, almost 17% of my income, just to stay in California.

Jason Hartman 26:12
It’s just not worth it anymore. That’s what so many people are deciding. And can you imagine, in addition to paying federal tax, whatever that rates going to be, and under the Biden administration, we’re going to see that increase, he’s, he’s made no bones about it, taxes are going up, and they’re going up a lot. And, and then you pay 17% of the state, you know, you could easily end up paying 60 65% of your income, just in income taxes, not including all of the other taxes you pay, right? property taxes, sales taxes, government fees for this, that and the other thing. And then you know, there have been studies on buying a loaf of bread, right, and it’s taxed 200 times before you buy it, right. All along the way. There are taxes. So it’s just absolutely crazy. capital gains, okay. They want to tax capital gains as ordinary income. By the way, this is also going on at the federal level. Okay, this screenshot is from the Franchise Tax Board, the California State taxing authority, which, by the way, is one of the most aggressive taxing authorities in the United States. They’re absolutely incredible. I mean, in a bad way, how aggressive they are on taxing people. But, yeah, it’s, it’s just getting, it’s just getting beyond beyond the beyond as the saying goes. Here’s another example yet again, right? California’s growth rate at a record low is more people leave, you know, officially, California added 21,000 people in the year from July 19 to 2020. But, but increasing the state’s population by a paltry point 05 percent, right. And you saw people leaving now, I want to caution you, when you see stats like this, because they are very deceiving. The question is not the net number of people moving in and moving out. The important question is, who is moving in and moving out? That is the important question, why? Because you want people moving in, who are productive, who have money, who employ people who are going to open businesses, and this nothing could be further from this case in California. The people moving in, do not typically have businesses, they do not typically employ people, they do not even typically pay taxes at all. Okay. And the people leaving are those people who employ people who pay taxes, the middle class is fleeing the Socialist Republic of California in record numbers. And that has been going on for quite a while. It has only accelerated with the pandemic, okay, large companies leaving California, it’s not just people, it’s companies. Oracle, you all know about Oracle, Larry Ellison, the CEO, moving the headquarters to Austin palantir. That’s Peter TEALS. Company. He’s probably the smartest guy in Silicon Valley. And he left and moved his company to Denver.

They recently went public, Hewlett Packard, they’re one of the famous California success stories, you know, started in the garage in Silicon Valley. And now moving their headquarters to Houston, Elan musk personally moved to Texas and he’s talking about moving Tesla and SpaceX Okay, I mean, that would just be a huge blow. You wonder, why don’t the people running California? Why don’t these crazy politicians there? Why don’t they get the hint? What is their problem? I mean, they just don’t get it. It’s like they’re almost intentionally trying to ruin the state. Now. One of the things my company offers is empowered investor network. It’s like a social network for some of our investors that choose to become members of this right. And one of them recently did a little anecdotal survey and I taught them to do this, which is simply if you want to research migration trends, just go to the U haul website, you’re all familiar with u haul truck rentals. Well, they’re leaving Northern California. And they’re moving to Boise, Idaho. Right. So Folsom is in Northern California, near Sacramento, and they wanted to rent a small trailer to start their move. And they noticed that renting this trailer from Folsom to Boise was $850. But renting the same trailer to go from Boise to Folsom, because people are leaving California and u haul is having a hard time getting their vehicles back into California where there’s a high demand to rent them, for one way moves to leave the state. It’s only $99. So think about that. That’s more than 800% price difference. going one direction or the other. That’s absolutely insane. And if that doesn’t tell you what is happening, if that is not a barometer a litmus test for what is going on in California as people are fleeing the state. I don’t know what else can this is. It’s just absolutely shocking what’s happening. highest state income tax, and they’re planning to make it go even higher. Look at that. 13.3% at the highest marginal rate. Minnesota, pretty darn high New York pretty darn high. But remember, it’s not even just about income taxes. Oregon very high, too. Of course. Don’t forget that. And South Carolina is not cheap, and neither is Iowa, right? Or Wisconsin. It’s pretty high too. Right? But it’s not just about income taxes. It’s also about other types of taxes, and the overall cost of living. Oh, don’t forget Hawaii down here at 11%. Okay, it’s easy to forget beautiful, gorgeous Hawaii, great place to visit. So as California, I just wouldn’t want to live there. Okay, so, here’s what other people are saying why they’re leaving high taxes. Strict lockdowns goes back to my concept of draconian laws, expensive home prices, high cost of living, huge homelessness, disaster, political culture, social unrest. Same as civil unrest, right? ability to work remotely, you can just work anywhere. Remember what Graham said, on his video there of you know, you just don’t need to be in a certain location anymore. poor air quality traffic and over crowding, wildfires, earthquakes, you know, the list just goes on and on now. But wait, there’s more. As the saying goes, this proposed wealth tax is absolutely scary. Now, what is the difference here? Look, it’s one thing to say we’re going to tax your income, right? You’re making money. You got to give some to the government.

Okay, fine. You know, we’ve all sort of made that deal. And we’ve all agreed to it, basically. Not that we had a choice. But we’re all doing right. At least most of us are there, or at least those of us who don’t want to go to jail. So, but the wealth tax is an entirely different concept. A wealth tax means that after you earn that money, and you paid taxes all along the way. Now you have that money in the bank, or you have it invested. You have it in a business, you have it in real estate properties. You have it in the stock market, whatever, right? It’s now your wealth that you’ve created, you’ve probably spent a lifetime working for this money. California says, We want to tax your wealth. We don’t care if you paid income tax all along. If you paid income tax for the past 2030 years, we don’t care. You have wealth. We want to tax the wealth also. And they’re proposing similar thing in Washington state, where you have Jeff Bezos and Bill Gates and a few other super rich people, right? And this is going to chase them out of the state. Now I don’t think Bill Gates will leave. But I do think Jeff Bezos will leave. We’ll see. Right. And a lot of these ultra rich people in California will really, really be incentivized to leave. And when they leave, they’re going to take their spending, and they’re going to take their businesses, and they’re going to take their wealth, and they’re going to put it somewhere else. Remember one thing, folks, money always goes where it’s treated best. I mean, don’t you as a person go where you’re treated best. If If you go to a resort, a hotel, or restaurant, a business, you go where they treat you the best, hopefully, right? So does your money, your money goes where it’s treated best. And California, among other states, New York, Washington, Oregon, you know, many others, has no respect for your money, they don’t treat your money well. And this will cause people to leave. So here we go. Anybody who spends more than 60 days in the state in a single year, could be susceptible to this proposed wealth tax of point 4%. Okay, now, right now, it’s on people with a net worth in excess of $30 million. But, but remember, it’s always a slippery slope, Milton Friedman said, there is nothing so permanent, is a temporary government program. And that also talk kind of speaks to the slippery slope idea, too. Because I remember when they had the big earthquakes in San Francisco years ago, and they said, Look, we’ve got to raise the California sales tax by a penny, from 6% to 7%, for just a year, to help pay for rebuilding. And you know, what, everybody in the state was pretty much okay with that. They said, Fine, you know, we understand, you know, we want to do our part, we feel bad for what happened. And, you know, if everybody pays an extra 1% for a year, and it rebuilds the Bay Area, that’s okay. Right, everybody agreed to do it. But guess what, the sales taxes now are much higher than that it never went away. It never does.

They’ll start out saying we’re going to tax the the ultra rich with $30 million networks, but then it’ll be $20 million networks, and then $10 million networks. And you’re all thinking, you know, some of you who don’t have networks like that are thinking, Well, that doesn’t matter to me, you know, those rich people eat the rich, but the rich are the people who employ people, okay? And they’re the people who are building things and developing land and creating jobs. Okay, fine. But then that wealth tax will drop and drop and drop. And they’ll say, look, if you’re worth a million dollars, which in California is not much at all, okay, a million dollar net worth in the state of California without cost of living is like nothing, alright. So this will be a slippery slope, it will happen, my prediction, it will happen, and it will be a slippery slope down to lower and lower amounts in increasing and increasing rates of taxation. Remember, a broke government, a mismanaged government always becomes predatory on the citizens. Now, if you want to learn more about my other concepts like inflation induced debt destruction, how you can align your interest with these powerful forces governments and central banks. Subscribe to the YouTube channel. Check out the podcast the creating wealth, show the podcast and go to Jason hartman.com. To learn more, and be sure to click the bell notification after you subscribe. So you’re notified when we do live streams, and all of that great stuff. Anyway, thank you for listening. I hope this was helpful. And I hope if you are in one of these unfriendly states that is attacking your money, I hope you will make a good decision to move to a place that treats you and your money better. Anyway, thank you so much for listening and happy investing.

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