Posted on 08/18/2020 3:23:00 PM PDT by karpov
A pack of Democratic lawmakers in California are proposing a wealth tax for the state's richest citizens, forcing them to pay more essentially just for owning a lot of stuff. They also, amazingly, want the tax to follow Californians who flee the state in response, attempting to make them continue paying taxes on wealth that's not even in the state.
Assemblymember Rob Bonta (D–Oakland) is blunt about his reasons for introducing the California Wealth Tax (A.B. 2088). Rich people have money. He wants more of it to pay for and expand state services. And that's it.
"The California Wealth Tax would add critically needed revenue for California by creating a more equitable tax structure," Bonta said in a press release promoting the bill. "Families are hurting right now. COVID-19 has only made matters worse. In times of crisis, all Californians must step up and contribute their fair share. Asking these well-resourced Californians to give a little more to keep our people working and support our most vulnerable is the right thing to do."
The proposed wealth tax would add a .4 percent tax on a taxpayer's net worth for net worths that exceed $30 million, which Bonta estimates will affect fewer than 31,000 Californians. From this proposed wealth tax, he estimates the state will raise $7.5 billion per year. The state currently faces a $54 billion budget deficit due in part to economic downturns from the coronavirus pandemic.
And to be clear, this tax goes beyond wealth and assets held in the state of California. "All worldwide property" of these wealthy Californians would be subject to this tax. If you park your money in real estate, farm assets, artwork, offshore funds, or a whole host of categories, they want a piece of it.
(Excerpt) Read more at reason.com ...
Nazis did something similar to the Jews who fled Germany.
Hi.
A tax on leaving is unconstitutional. Article I, section 8 I believe.
Bill of attainder.
5.56mm
Philipino pick pocket plans to take tech zillionaires hostage
Maybe California could tax everyone in the US because we use services produced by California companies? Or, maybe they can tax everyone in the world because everyone worldwide enjoys Hollywood movies and Google services.
It frustrates me to hear politicians say certain people need to “pay their fair share”.
Assuming everyone is complying with all current tax laws, they are already paying their fair share; they are paying their legally required tax.
it was still smarter than staying!
Most of the super wealthy who’d be hit are liberals who helped make the state a mess. A lot of Hollywood folks, Silicon Valley types. I won’t weep if they’re taxed more
The proposed wealth tax would add a .4 percent tax on a taxpayer’s net worth for net worths that exceed $30 million,
This puts the camels nose in the proverbial tent.
Once this is established, then the tax rate will rise incrementally, as future years see continual deficits and other expenses which politicians deem essential.
The tax rate will rise, and the tax base will decrease.
Eventually the tax will go from this .4% rate to 10%, and the tax base will decline from $30 million to $500,000
Remember this tax is on top of the already steep graduated California state income tax.
Why do the words of the Hotel California keep popping up?
You saved me the effort to type up the same scenario. Thanks.
They tried that (and other States did too) back in the 80s. They tried to tax retirees who moved out of the State. I remember the Calif AG sent a letter to the Nevada AG demanding the he help the Calif AG collect the taxes. The Nevada AG laughed. The USSC finally tossed it. They’ll probably do the same here.
NY did a “soak millionaires” tax that punished people making roughly 100k a year.
Then complain that you have devolved into a third world basket case...
How about the pols pay their “fair share”?
That would include 8 quarts of blood IMHO.
yeah can’t tax people retroactively for your failures at curbing spending today, nuckong futz communistas
Most of the super wealthy who’d be hit are liberals who helped make the state a mess. A lot of Hollywood folks, Silicon Valley types. I won’t weep if they’re taxed more
I agree. Soak the liberals who fund BLM, Climate Change Groups, and the Democrat Party. Raise the wealth tax to 10%. After all, they believe in fairness.
you know they think taxes are too low now so they don’t agree that people are currently paying their fair shares
Guess they’re not leaving fast enough.
CaliStupid.
Don’t give them any ideas.
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