I wish him luck, cause once you live in California, they have a tendency to follow you with their tax bill in hand for retirement monies that you earned while living here.
RE: they have a tendency to follow you with their tax bill in hand for retirement monies that you earned while living here.
Let’s not kid ourselves, California is the biggest economy in the USA. If they go bankrupt as they surely will, THEY WILL, not might but WILL, be bailed out. Guess whose money will be used ?
That’s right... EVEN IF you are NOT a resident of California, your money WILL be used.
What happens in California affects ALL taxpayers.
I left in 1973.
They're still pulling that crap? I remember they tried it with military members who retired in other states, and it was killed in court.
Leeches. (and they didn't get the retiree pay).
I wish him luck, cause once you live in California, they have a tendency to follow you with their tax bill in hand for retirement monies that you earned while living here.
... YUP, they used to do that and ... fortunately they got their hat handed to them in a court case, so they can no longer tax you out of state unless you try and live in CA for about half the year, then they come after you and the burden is on your lawyer to prove non residence. But retire elsewhere and your retirement assets are safe. One of the reasons me and my 401k are in TEXAS !! Come on down.
ymmv
Last I saw the USSC had ended the practice of “source taxes”. A few years ago Utah pols were whining that they couldn’t go after people who left the State after retiring.
I wish him luck, cause once you live in California, they have a tendency to follow you with their tax bill in hand for retirement monies that you earned while living here.”
Last I heard, that was challenged & struck down.
Fireman I know was in Calif for most of his working life. Moved to Missouri.
Was being taxed by both states. He was part of a class action lawsuit, which told Calif to keep their hands off the pension money. It was declared to be ‘Taxation Without Representation” because none of those people out of state could VOTE in Calif.
IF that has been reversed , please give me details. Thanks.
It would still be taxation without representation.