Cristobal Young, a sociology professor at Cornell University, said previous California tax increases on millionaires didn't lead to a mass exodus of wealthy people.
—
ABC News,
ABC News,
9 Oct. 2026
The latest in a long series of corrective measures was a thirteen-per-cent state income tax on millionaires, which went into effect in 2012 and is due to expire in 2030.
According to a report from Cerulli Associates, roughly $124 trillion will be transferred to heirs and charities between 2024 and 2048.
—
Joshua Hong,
Fortune,
9 Oct. 2026
For example, rather than preserving a certain portion of an investment portfolio specifically for heirs, retirees may be able to rely on a life insurance death benefit to provide an inheritance.
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