Posted on 03/20/2024 6:35:41 AM PDT by airdalecheif
Finance expert John Williams has recently analyzed California's new tax policies, which include the introduction of a wealth tax targeting affluent residents and an exit tax for those relocating out of the state.
(Excerpt) Read more at msn.com ...
How does a state enforce an “exit tax”?
Didn’t Germany in the last 1930’s do the same thing to Jews wanting to leave their country?
It’s like the old sayin’ goes, “You can vote your way into socialism but you’re going to have to shoot your way out.”
No need to go to the link. I posted the whole short article.
And if you don’t pay it you go to jail? California is officially a prison.
never heard that, but it’s sage.
When does the People’s State Of California build a wall to keep people in?
But you are free to rob any store you wish.....
Apparently California is in charge of interstate commerce, not the federal government. They must have updated the Constitution when no one was looking.
Would seem to be unenforceable if they move to a red state that thinks that the California law is stupid and ridiculous.
Technically, it could be argued as unconstitutional.
When you exit make sure not to leave any assets in the state.
Most of those wealthy people got that way because they are smart. They can figure a way around the wealth tax.
I think the initial goal here is to get the tax established and up and running without argument. Right now it is set at an annual rate of 1% of $50 million. Nothing to see here, Folks. After a time, though, a few of those figures can and will be adjusted. That 1% might jump to 20% or 30% and the $50 mil may drop to $1 mil or $500k. Or something like that...
When an East German was able to escape to West Germany he/she was completely free of the East's shackles.
Next it will be thought taxes.
When businesses started leaving Ohio years ago for less expensive operation in the South, Ohio passed a “business exit tax” where companies had to leave the equivalent of six months wages when they left. Supposedly, those funds would be for retraining programs for the workers who lost their jobs. Not too long afterwards, Gov. Celeste noticed that no new business had been started in OH for the past 9 months (??—I think it was 9 months before they noticed). To their credit, they admitted their mistake and rescinded the exit tax.
Hey, California! There’s a lesson to learn here...
The USG started doing this in the middle of the 80’s. Essentially, your wealth or money is considered a part of the US economy and if you take it somewhere else it hurts America. They did this to prevent people from moving large sums of money off-shore into non-US banking systems.
With walls, guards and barbed wire. East Germany was a good example for them to follow.
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