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 ...
This is exactly the Federal Income Tax started.
“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.”
That was on pensions, 401k’s, and other deferred-tax vehicles (CPA talk, for those of in Rio Linda). In fact, California had set up tax offices in Las Vegas, Florida, and Texas to hunt down former residents and make them pay up.
...and that was BEFORE the state flipped hard-left.
"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.
It would be cheaper to have everyone in the State Assembly snuffed..
Same with CA.
It’s worth it!! Pay the tax and just get the heck out!!
Well, maybe it will keep a few from fleeing to TX.
Is that bad?
Hotel California updated for 2020.
All good people in California should move north and form Jefferson. By any means necessary
The electorate would replace them with members as bad or worse than before.
Uh...Oregon’s been “conquered” already
Why so Expensive to Leave?
.
It’s worth it!
by the wrong people
Sounds good.
What army will they send to other states to collect?
Love It !
Yeah....we know.
80 quarts, with any deficit made up by their major donors (in order of magnitude).
Ah, you live there.
I used to, but more than a decade ago.
Has Portland gotten as bad as it seems to have gotten?
Is it safe for Whites to walk there?
Why so Expensive to Leave?
.It’s worth it!
We had heard the threat of CA instituting an “Exodus Tax” when we lived there. We escaped 10 years ago, so I guess we got out just under the wire. (I expect it’ll never happen. How can it possibly be constitutional?)
Back in the 1990s CA tried to tax the pensions of people who had worked in CA but retired somewhere else.
That attempt was shot down by a federal law.
It looks like they are at it again.
I propose a ballot initiative at the federal and state level that establishes into law that the last thing to be payed out of a federal or state budget is salaries for members of the house and senate.
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