Posted on 08/15/2020 5:26:31 AM PDT by karpov
Fox Business Network anchor Neil Cavuto questioned California State Assemblyman Rob Bonta on "Cavuto: Coast to Coast" Friday over his proposal to institute a 0.4% wealth tax on Golden State residents worth more than $30 million.
The Alameda Democrat told Cavuto the proposed tax "affects about 0.15% of the California population -- not the top 10%, not the top 1%, the top .15%, about 30,000 people" and would generate $7.5 billion in revenue for the state.
The host asked Bonta what will prevent the ultra-wealthy from continuing to "bolt" from California as taxes continue to rise.
Bonta disagreed with the premise of the question.
"In California we’ve had taxes on millionaires in the past. We raised taxes in 2012 by 3% -- and the number of millionaires and billionaires in California has grown. We have 25% of the nation’s billionaires, 17% of the millionaires, those numbers are up and we've grown to be the fifth-largest economy in the world. So, while worthy of consideration it has not panned out."
Bonta added that his proposal would apply a "phased-in approach" to make sure Sacramento recoups its share of the income of a California resident who leaves the state.
"If you move in Year One, 90% of the tax bill applies..." he said, adding that the following year it drops to 80% and so on until it is phased out to zero.
Cavuto questioned whether such a move was legally feasible.
"For ten years, the wealth was accumulated during their time in California ... and that is what we're proposing in our bill. We believe we can do that, certainly we're open to dialogue and discussion as we move the bill forward, but we think it’s a sound approach and has a strong legal foundation," said Bonta.
(Excerpt) Read more at foxbusiness.com ...
The Liberal Plantation never sleeps. These people are evil.
Actually, income tax is extra constitutional.
I supposed if dead people vote for democrats, they would probably support the idea of paying taxes to democrats as well.
The Hotel California model.
Bull!
Will never stand!
Yup. It is clearly unconstitutional on its face and would be struck down in normal times, but these are not normal times and lefty judges are so out of control that they are basically legislating from the bench on a whim. Even at the SCOTUS level.
We believe we can do that, certainly we’re open to dialogue and discussion as we move the bill forward...
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“Dialog”. A code word of the Left that means “shut up”.
A State Exit Tax ... called it months ago!
New York tried taxing retired people who moved out.
So if I’m a billionaire and I leave California in Year 1, what legal authority does California have to tax me when I’m living in another state, have no assets in California, and have no intention of ever going back to that dump?
Power corrupts, absolute power corrupts absolutely.
California is for all practical purposes a one party state where the news media nothing more then the propaganda arm of the party.
They even rigged the elections so it is almost impossible for a Republican win (the top two vote getters in the primary run in the general, they have it fixed so the top two are always Democrats).
So California is a state speeding down a freeway with no brakes. Sooner of later it will either hit the wall or drive off the cliff.
My biggest fear is how much of the value of my house California will take when I do manage to flee the state. I keep trying to fight the good fight, but having our Republicans constantly play liberal lite is killing us. Give people a choice, don’t just play ‘I won’t be quite as liberal as the liberal choice.’
Quite similar.
These feckless tyrant pols think they ‘own’ the state and can lord it over the inhabitants at will. How about making it a reasonable tax environment so that they keep the wealthy and not drive them away by governmental theft of wealth? How about making it an attractive state for the wealthy to retire too and pay a truly fair share of taxes while they help stimulate the economy too with their spending. Leftist hacks would bleed them dry so they flee. They never will learn no matter how many examples of failed onerous commie tactics.
Tax them AFTER they leave California? That’s slavery. You don’t own people. There’s no way that could be constitutional.
I doubt that states taxing residents after they leave is constitutional.
+++++
I can still remember a time when that would have been true. Unquestionably true.
But these days Constitutional has a new definition: It means whatever some crazy liberal judge wants it to mean. At this time we mostly escape that fate with 5 to 4 decisions by the Supreme Court - but not always as many here can testify.
Should BiteMe-Harris win the election I’m afraid Constitutional Law in this country will be replaced by the “principle” of “Just Do The Right Thing”. And the Right Thing will always be the Wrong Thing.
Liking your Liberal Plantation. That’s exactly what it is.
And those who make it to the Sane States will do their best to get it established there.
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