They’re not talking about taxing income. They want to tax total wealth starting with savings, IRA, 401ks, and stock portfolios.
This is why I took everything out of my 401K. This is why I have no stocks. All of my wealth accumulation is in real estate (In a state with ridiculously low RE taxes) owned free and clar and PM’s that I can hold in my hand. Also all the items I need to use the rest of my life. Cars, mowers, garage, tractor, etc. And “mattress cash”.
I’m like a survivor of the Great Depression, almost. and where I live the cost of living is so low that I can live comfortably on SS, Even more so once the mortgage is done.
So far, at least, they only tax your real estate and cars here. My goal is to pay almost no taxes. We’ll see how it goes.
Don’t some blue states impose an “exit tax” on those seeking to flee to cheaper locales, in the form of a huge property tax when they sell their home?