Posted on 01/27/2023 5:14:29 AM PST by MtnClimber
California lawmakers are pushing legislation that would impose yet another new tax on the state's wealthiest residents — even if they've already moved to another part of the country. (You can run, but you can't hide!)
Assemblyman Alex Lee, a progressive Democrat (is there any other kind?), recently 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 next year.
Moreover, as soon as 2026, the threshold for being taxed would drop dramatically: those with a "worldwide net worth" exceeding $50 million would be hit with a 1% annual tax on wealth.
"Worldwide net worth," or wealth, extends far beyond annual income to include holdings such as farm assets, arts and other collectibles, stocks and hedge fund interest, and other assets.
The legislation just introduced includes measures that would allow the state to impose wealth taxes on residents even years after they leave the state and move to somewhere less repressive and tyrannical!
Remarkably, exit taxes aren't new in California. But this bill goes farther, including provisions to create contractual claims tied to the assets of well-to-do taxpayers who don't have the cash to pay their annual wealth tax bill because the majority of their assets aren't "liquid" and therefore aren't easily turned into cash. These claims would require the taxpayer to make annual filings with California's Franchise Tax Board and eventually pay the wealth taxes owed, even if they've moved to another state.
Of course, this bill, if passed, will just further hasten the exodus of successful people out of the formerly Golden State.
(Excerpt) Read more at americanthinker.com ...
Leftist leaders destroy economies.
They aren’t just killing the golden goose, they are fricasseeing it!.....................
Good luck pushing that swill into other states. Cali should by now realize that if they can do it, other states can do it also. Now that would be interesting. Make it retroactive back to, say, The northern state citizens moving over to cali in droves and then the northern states can go after those who made their fortune IN cali. Popcorn sales would go through the roof. “Careful what you ask for...you might get it” applies.
CA has been doing this for at least decades. I married my wife in the ‘70s. She had worked in CA for a bit, before she left the state mid-year, and moved to Michigan where we were married. She earned too little in CA to owe taxes and expected a refund of the amount withheld there.
However, we filed a joint federal return. The CA return required that we also file a joint CA return. In filling that out, CA required that we include ALL of my Michigan income to the bit that she earned in CA and pay CA taxes on it. We were allowed to deduct the amount paid to MI, which was much lower than the CA amount.
In other words, I was required to pay the higher part of California taxes on all of the money I earned only in Michigan.
If I recall correctly, California tried something similar awhile back. Let’s say you once lived in California. But now you live elsewhere. CA went to a branch of your bank in CA, and got them to freeze your account until you paid your supposed CA taxes. Nasty stuff. Some court struck the whole thing down.
But hey, California. If at first you don’t succeed, try try and try again.
“I believe we should tax all foreigners living abroad”
Other states should other tax state officials or agents or lawyers that try to tax their residents.
$1,000,000 per attempt to tax a resident of Texas. Personal liability.
NYC tried to audit me for taxes not that long ago.
I haven’t even been in NYC for 10 years, not even to change planes.
Even people of moderate wealth who still live in CA are just cattle waiting to be slaughtered.
Time to moooooooove is now!
Just think. Tiger Woods grew up in California, loves California, went to Stanford. When he becomes rich he moves to Florida. Must be the women.
I don’t know how people with 50 million will survive with only 49 million, 500 thousand dollars. Hope eggs don’t go up more. They’ll be in deep financial trouble.
You think once they have that entrenched that it will stop there?
Nose of the camel under the tent.
I have a relative that is worth over 50 million.
Most of their assets are tied up in fine art—and much of that is on loan to museums around the world.
They live in California for half the year—and don’t do anything without consulting with their tax attorney.
If there any loopholes they will find them—or they will have to leave the state.
“Assemblyman Alex Lee, a progressive Democrat...”
We must refrain from being passive in our writing and use the same type of terminology the leftists use against us. To do otherwise is to give the competition a head start in the race for thoughts, ideas and ultimately, the resulting conclusions.
Corrected for emphasis;
“Assemblyman Alex Lee, a radical leftist Democrat...”
“Progressive” implies they are for “progress”. They are not.
In debate, whoever defines the terms controls the narrative.
In another view, a false premise leads to false conclusions. If the alleged premise remains to stand uncorrected, that they are for “progress”, then any other viewpoint is, by their definition defaulted to “anti-progress”. Implied in this is “archaic, old fashioned, behind the times, or Neanderthal”.
“Gay” behavior is not “happy”, it is correctly defined as homosexuality. Do not let your opponent define the narrative. Ever.
Stop it AT. Define the terms correctly, or your argument is weakened in complicity.
...that is all
The word “progressive” has meant Communist for many decades.
The Communists believed and believe in a world of “progress” where everybody lived happily ever after...
as their slaves.
WELCOME TO THE HOTEL CALIFORNIA!
You can check out anytime you like, but you can NEVER LEAVE !
Yes,
They are “progressive” because Marx analyzed the human history and figured out that communism is where the humanity heads.
So “progressive” are trying to speed up this way to communism, while conservatives are trying to slow this Marxist “progress”.
Marx actually missed the really old history. Communism is really return to stone age. But he wrote all his stuff 150 years ago, he had no idea how stone age worked.
Must report to California Franchise Board
Right
Let me guess how many people, actually will report themselves .......
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