This is a one-time tax that must be paid by businesses and individuals who relocate outside the state. The tax is based on the value of the business or individual’s assets, including property, stocks and other investments, but not real estate.
Why hasn’t this gone to the Supreme Court?
A Berlin type wall around their states ?
California politicians stole $54,000,000,000 from their unemployment fund and bankrupted it.
Joe Biden gave them the money from the rest of us to repay it.
Steal…..steal….and steal
The Democrat Party Organized Crime Syndicate stealing, stealing, stealing.
Keep voting Democrat.
This was easy to predict.
I’ve said many times, marxism cannot exist in a vacuum. Despite how marxists feel about it, it is intrinsically oppressive. It cannot continue in competition with non-marxist CHOICES. All of the leaches and deadbeats will get left behind with no one to leach on. Therefor, it is essential to globalize marxism.
Since California cannot globalize marxism and eliminate alternatives (yet), they are forced to punish those who leave.
Somewhere I read that the California assault weapons ban follows California residents around. In other words they can’t buy a 30 round magazine in Nevada and keep it in Nevada.
This is a similar situation. Is this correct?
Good luck collecting that. California tried this before. Nevada’s AG told them to pound sand.
“This EXIT TAX follows you to another state for up to 10 years.”
This will get shot down. No way in hell California will be allowed to tax a rich guy who moves to Texas for the next 10 years after he departs. And if you refuse, what are they going to do if the new state refuses to enforce their enforcement efforts?
This is very ripe for a supreme court challenge.
"Socialism works just fine until you run out of other people's money."
This exit tax sounds like a way to get the last dregs of 'other people's money.'
Hawaii does an exit tax on sale of real estate. They take it out of escrow before you see any profit.
I seem to recall that California, at one time, required people who earned their retirement in California to pay California State Income Tax, even when they lived in another State. Eventually, the issue was taken up by the Supremes and it was declared unconstitutional.
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Taxing citizens that are no longer citizens should be unconstitutional. It’s taxation without representation.
Taxing people who have left your state, interferes with interstate commerce, and therefore should be regulated by the Federal Government.
States don’t have the right, IMHO, to tax people who are becoming citizens in another states. That should be reviewed by the SCOTUS, but the first thing that should happen is that the almighty FedGov should pull the interstate commerce act on them.
The exit tax is 0.4% of an individual’s net worth over $30 million in a tax year, no matter where it’s located -- within California, other states within the U.S. or overseas. This amount is halved to $15 million if a married taxpayer files a separate return to their spouse. This EXIT TAX follows you to another state for up to 10 years.
There is no constitutional basis for this.
good luck in collecting it once someone has established residency in another state ...