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 ...
Socialism Sucks.
Has anybody in California heard of Dynamic versus Static scoring of tax laws?
Has anyone in California figured out what this will do to the venture capital business in California? Do they really want to shut down every business on Sand Hill Road?
They tried it. The USSC shot it down IIRC.
We have the highest income tax (graduated) in the country already at 13.3%. Having Democrats controlling both houses in California is just not stop taxing of anything that moves. I can’t wait to move out.
Good! since California’s wealthy citizens vote overwhelmingly Democrat and provide a major source of campaign money for same party they deserve it.
People who vote democrat are not paying their fair share and that is why they vote Democrat. In the last Presidential election the only economic group of Caucasians to vote Democrat were those making over 100k and the more they made over 100k the more they voted Dem. In California that is even more accelerated. People in Sanfrancisco, Hollywood, Beverly Hills and other places where you and I could never afford to live vote like ghetto welfare mothers and as such they deserve to pay more.
Wonder if this goof is paying his “fair share”?
It would be a hoot if a forensic accountant were to go over his finances with a fine toothed comb.
lol
no, not at all.
Used to live in portland. ...nice then (1980s to mid 90s)...haven’t been back in a few years...it looks horrible now...
Good luck Kali reaching into other States or countries and trying to claim taxes.
Politicians need to stop spending more than their fair share.
No, they'd loot and/or burn down everything in the state.
Good luck enforcing that. Rat-holes!
Lately the burning seems to take care of itself.
California franchise tax board will chase you down forever if you ever had a professional license in California. But they cannot put a lien on your property if it doesn’t exist in California. So sell your house before you go.
$57 Billion deficit? Hey, I have an idea, California, stop spending money for sex change for teens and other Looney ideas!!!
“How do we keep electing idiots?”
We let idiots vote.
How is this any different than a mugger?
"I see you have some money there. Give it to me."
Fled the state last year. Put the house on the market and left before it sold. Best thing I ever did. The real estate market and the temperatures were hot. Sold the house in 21 days for way more than several real estate agents told us. Left just as the heat was hitting.
We sadly left numerous family and friends and FRiends. My heart breaks for everyone that is stuck there that wants to leave.
We now live in a great place with that is at least 10 if not 20 degrees cooler in the summer with lots of trees, rain, a little snow in the winter and lots of rivers and lakes.
BTTT!!!
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