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Blue state departures hit the coffers hard, so progressive Democrats devise a creative new way to tourniquet the revenue bleed
American Thinker ^ | 24 Apr, 2024 | Olivia Murray

Posted on 04/24/2024 10:07:01 AM PDT by MtnClimber

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To: MtnClimber

Sell your business. Then put enough of your assets in a trust (preferably overseas). Then viola! You don’t have the assets in your name to qualify.


21 posted on 04/24/2024 10:49:34 AM PDT by FLT-bird
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To: MtnClimber

“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.


22 posted on 04/24/2024 10:51:03 AM PDT by DesertRhino (2016 Star Wars, 2020 The Empire Strikes Back, 2024... RETURN OF THE JEDI. )
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To: MtnClimber
The Iron Lady, Maggie Thatcher, said it best:

"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.'

23 posted on 04/24/2024 10:53:29 AM PDT by HandBasketHell
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To: MtnClimber

Hawaii does an exit tax on sale of real estate. They take it out of escrow before you see any profit.


24 posted on 04/24/2024 10:54:04 AM PDT by kaila
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To: subterfuge

“... for the greater good.”

~~~

OH! I bet the greedy goons in DC can’t stand that 401ks aren’t in their revenue pot like social security and medicare payroll withholding collections are, and which they spend on everything else besides medicare and social security, all “for the greater good” of course.

To marxists, “greater good” = whatever makes the state administrators happy


25 posted on 04/24/2024 10:54:26 AM PDT by z3n (Kakistocracy)
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To: cgbg

Has step one even been taken?


26 posted on 04/24/2024 10:59:14 AM PDT by CaptainK ("If life's really hard, at least its short")
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To: MtnClimber

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.
.


27 posted on 04/24/2024 11:04:44 AM PDT by ExSES (the "bottom line")
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To: DesertRhino

> And if you refuse, what are they going to do if the new state refuses to enforce their enforcement efforts? <

If I recall correctly (and I could be wrong), California tried this once before. Let’s say you moved to Texas. And you have a Chase bank account. California would go to a California branch of Chase with a court order, and try to seize your money that way.

Again, I could be wrong. But that’s how I remember it.


28 posted on 04/24/2024 11:16:17 AM PDT by Leaning Right (The steal is real.)
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To: MtnClimber

You missed the tax is for those over 30 million dollars part……


29 posted on 04/24/2024 11:17:58 AM PDT by napscoordinator (DeSantis is a beast! Florida is the freest state in the country! )
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To: MtnClimber

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.


30 posted on 04/24/2024 11:22:42 AM PDT by Pete Dovgan (Repeatedl)
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To: MtnClimber
The tax is based on the value of the business or individual’s assets, including property, stocks and other investments

So California believes those assets belong to them and the individual must compensate California for their loss?

31 posted on 04/24/2024 11:34:17 AM PDT by MileHi ((Liberalism is an ideology of parasites, hypocrites, grievance mongers, victims, and control freaks.)
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To: subterfuge

They don’t need to raid 401k’s - that’s what inflation is for.


32 posted on 04/24/2024 11:38:32 AM PDT by fuzzylogic (welfare state = sharing of poor moral choices among everybody)
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To: MtnClimber
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.

33 posted on 04/24/2024 11:38:41 AM PDT by gitmo (If your biography doesn't match your theology, what good is it?)
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To: napscoordinator

Just because you have over 30 million after already paying taxes does not mean that a large chunk of it belongs to the marxists that are making you miserable.


34 posted on 04/24/2024 11:39:44 AM PDT by MtnClimber (For photos of scenery and wildlife, click on my screen name for my FR home page. More photos added.)
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To: MileHi

What is a business worth? A marxist state can make up a number for 10 years of make believe profits and charge you for that.


35 posted on 04/24/2024 11:42:06 AM PDT by MtnClimber (For photos of scenery and wildlife, click on my screen name for my FR home page. More photos added.)
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To: MtnClimber

good luck in collecting it once someone has established residency in another state ...


36 posted on 04/24/2024 12:01:42 PM PDT by catnipman (A Vote For The Lesser Of Two Evils Still Counts As A Vote For Evil)
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To: packagingguy

California has no jurisdiction in Nevada. And a California resident is just that. He is not a “subject” of California. California is not a sovereign government. I doubt any law like that would survive a challenge.


37 posted on 04/24/2024 12:34:32 PM PDT by Seruzawa ("The Political left is the Garden of Eden of incompetence" - Marx the Smarter (Groucho))
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To: ExSES

Yes. Kalif demanded that the Nevada AG help collect these “source taxes.” The Nevada AG told Kalif to go pound sand.


38 posted on 04/24/2024 12:38:24 PM PDT by Seruzawa ("The Political left is the Garden of Eden of incompetence" - Marx the Smarter (Groucho))
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To: doorgunner69

This one is true. CA DOJ agents were following/surveilling patrons of the Shotgun News big show in Reno who had CA license plates and were pulling them over once crossing back to CA.


39 posted on 04/24/2024 12:44:38 PM PDT by ScottinSacto
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To: Seruzawa

No it would not survive a challenge. The question is did I read the law correctly? I’m not a lawyer but it seemed to be written in such a way as to follow Californians all over the earth. I may be wrong.


40 posted on 04/24/2024 12:46:02 PM PDT by packagingguy
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