Posted on 01/23/2023 11:09:01 PM PST by Olog-hai
California lawmakers are pushing legislation that would impose a new tax on the state’s wealthiest residents — even if they’ve already moved to another part of the country.
Assemblyman Alex Lee, a progressive Democrat, last week introduced a bill in the California State Legislature that would impose an extra annual 1.5% tax on those with a “worldwide net worth” above $1 billion, starting as early as January 2024.
As early as 2026, the threshold for being taxed would drop: those with a worldwide net worth exceeding $50 million would be hit with a 1% annual tax on wealth, while billionaires would still be taxed 1.5%.
Worldwide wealth extends beyond annual income to include diverse holdings such as farm assets, arts and other collectibles, and stocks and hedge fund interest.
The legislation is a modified version of a wealth tax approved in the California Assembly in 2020, which the Democrat-led state Senate declined to pass.
The current version just introduced includes measures to allow California to impose wealth taxes on residents even years after they left the state and moved elsewhere. …
(Excerpt) Read more at foxnews.com ...
California's fiscal woes won't end until it starts taxing people who never even lived in the state!
"The problem with socialism is that you eventually run out of other people's money."
― Margaret Thatcher
Regards,
Taxing people who have already moved out of state? I imagine there will be lawsuits about that.
Cali can’t wait for its residents (or former residents) to die before getting its cut?
Taxation without representation...
If im not earning an income in California, I dont know how they can do this.
Whatever happened to “No taxation without representation!”
France tried this. Thousands of the country’s richest people relocated to Switzerland, Italy, UK etc.
Funny thing about rich people... they can afford to move.
If they’re leftoids with a good amount of money, and move to another state to screw that one up with the same kind of voting, I fine with that. Maybe, they’ll have to stay where they are, and clean up their mess.
Not exactly the same, but Kali’s appetite for other peoples money has been curtailed at least once.
Source Tax Law
On Jan. 10, 1996, P.L. 104-95 took effect. This federal law prohibits any state from taxing pension income of non-residents, even if the pension was earned within the state. Before the passage of this law, California, New York and several other states maintained a source tax on pension earned within the state. For example, a California teacher who retired to Nevada would have to continue paying the source tax on her California pension. Thanks to this law, people who earn a pension in California then move out of the state no longer have to pay taxes on these funds to California.
I escaped that *hole decades ago and cannot imagine any way they could enforce a claim against me unless the Fed. went along with it.
I might become unable to visit for fear of their new Stasi, but that would be no actual loss.
There are not enough tax goons to........
Oh wait, 87,0000 new!
I don’t think other states will take too kindly to their new
citizens being charged California state taxes while living in
their state.
Those being taxes won’t take kindly to it either.
Bad luck California.
A few years ago France created a “millionaires” tax. The result was that world class soccer players would not play for any French team. France cancelled the tax.
The legislature knows that their taxes are driving business and wealthy individuals out of the state in droves. U-Haul can't keep trucks and trailers in California. Billionaires don't use U-haul, so the exodus it happening at much lower income levels as well as the top. France, had many of its most famous celebrities leave when it instigated a confiscatory tax. Great Britain had its “brain drain” decades ago when its taxes got too high.
California has huge financial problems. Its public pension system is a house of cards waiting to fall. Several cities have declared bankruptcy. It has water shortages and yet is preventing desalinization plants from being built over fear of global warming ocean levels rising, all the while tearing out dams that store water and increasing water released to help fish. The solutions for the water problems will require billions to resolve.
It is going full tilt toward banning natural gas, promoting electric cars, and yet closing down existing power plants. Again, it they keep going this way it will cost billions to come up with a fix.
California is incapable of balancing its state budget and in prioritizing its spending. It will need to fail and have certain legislative budgeting functions take over by a court appointed trustee as has happened in other states. When that happens it is not going to be a nice place to live.
I briefly lived and worked in California about five decades ago. I would never move back. I might visit Palm Springs or Indian Wells during the winter, but I would not want to live there.
California needs to get rid of its full time legislature. Up in Washington they are just as liberal but they are time limited.
The Country has a nasty Rat infestation
This gimmick of taxing folks long after they left...has been attempted, and usually fails in court.
Now, if you continued to own a business there, or own a residence of any type there, after you left....then you probably will lose the case.
What I’ll point out here...successful people who spent twenty to thirty years in California, have reached a stage where staying makes no sense in terms of your safety/security, and the unfair taxation. The state folks can’t grasp this change in attitude, and that the exiting door has gone wider every single year.
Y’all got that right. Too bad we didn’t finish that party off in 1865. Lincoln f’ed up.
I believe there were lawsuits years ago and the people won.
The democrats never give up and will try to steal your money again and again.
_________________________________
The rich are leaving New York. They are also leaving California.
Super rich New Yorkers — including billionaire Carl Icahn — are fleeing the Big Apple in droves. These are the top 3 states they’re escaping to
https://finance.yahoo.com/news/super-rich-yorkers-including-billionaire-143000107.html
For perspective, the 41,000 filers in the city’s top 1% pay more than 40% of all its income taxes. The 450,000 filers in the top 10% pay about two-thirds of all income taxes.
In other words, the remaining 90% of taxpayers contribute about one-third of the city’s income tax revenue.
Tax and Spend Democrats
Tax and Spend Democrats
Tax and Spend Democrats
Tax and Spend Democrats
Tax and Spend Democrats
If this measure passes, every other state should pass an @$+#*!= tax on all Californians, 2% of income, 2% of wealth.
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