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California Lawmakers Want a Wealth Tax to Soak the Rich for Living There. Also, for Leaving. The proposed tax would apply to not just wealthy residents, but anyone who is wealthy who has lived in the state for the last 10 years
Reason ^ | August 18, 2020 | Scott Shackford

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 ...


TOPICS: Business/Economy; US: California
KEYWORDS: ab2088; botox; california; californiawealthtax; incometaxes; nancypelosi; oakland; reason; robbonta; sanfrancisco; sanfrannan; scottshackford; taxcutsandjobsact; taxreform; tcja; wealthtax
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To: hanamizu

Socialism Sucks.


61 posted on 08/18/2020 4:50:23 PM PDT by Big Red Badger (TRUMP vs Biden-----------Any Question?)
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To: karpov
Has anybody in California heard of the luxury tax that killed the boat building business in Maine?

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?

62 posted on 08/18/2020 4:52:31 PM PDT by Timocrat (Ingnorantia non excusat)
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To: CatOwner

They tried it. The USSC shot it down IIRC.


63 posted on 08/18/2020 4:57:49 PM PDT by Seruzawa (TANSTAAFL!)
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To: Dilbert San Diego

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.


64 posted on 08/18/2020 5:15:33 PM PDT by Metrobank
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To: karpov

Good! since California’s wealthy citizens vote overwhelmingly Democrat and provide a major source of campaign money for same party they deserve it.


65 posted on 08/18/2020 5:17:27 PM PDT by amnestynone (We are asked by people who do not tolerate us to tolerate the intolerable in the name of tolerance.)
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To: Dilbert San Diego
“It frustrates me to hear politicians say certain people need to “pay their fair share”.”

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.

66 posted on 08/18/2020 5:22:40 PM PDT by amnestynone (We are asked by people who do not tolerate us to tolerate the intolerable in the name of tolerance.)
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To: Dilbert San Diego

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.


67 posted on 08/18/2020 5:28:02 PM PDT by Ban Draoi Marbh Draoi ( Gen. 12:3: a warning to all anti-semites)
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To: Jane Long

lol

no, not at all.


68 posted on 08/18/2020 5:38:54 PM PDT by dp0622 (I DON'T KNOW WHAT TO DO ABOUT THE COVID GODFATHER I DON'T KNOW WHAT TO DO. YOU CAN ACT LIKE A MAN!)
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To: Arcadian Empire

Used to live in portland. ...nice then (1980s to mid 90s)...haven’t been back in a few years...it looks horrible now...


69 posted on 08/18/2020 5:44:33 PM PDT by goodnesswins (The issue is never the issue. The issue is always the revolution." -- Saul Alinksy)
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To: karpov

Good luck Kali reaching into other States or countries and trying to claim taxes.


70 posted on 08/18/2020 5:55:28 PM PDT by CodeToad (Arm Up! They Have!)
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To: Dilbert San Diego
It frustrates me to hear politicians say certain people need to “pay their fair share”.

Politicians need to stop spending more than their fair share.

71 posted on 08/18/2020 5:56:19 PM PDT by Mr. Jeeves ([CTRL]-[GALT]-[DELETE])
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To: Disambiguator
No, they'd loot and/or burn down everything in the state.

72 posted on 08/18/2020 6:07:36 PM PDT by SunkenCiv (Eeyyorrres.)
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To: karpov

Good luck enforcing that. Rat-holes!


73 posted on 08/18/2020 6:13:14 PM PDT by vpintheak (Live free, or die!)
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To: SunkenCiv

Lately the burning seems to take care of itself.


74 posted on 08/18/2020 6:17:43 PM PDT by Disambiguator
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To: karpov

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.


75 posted on 08/18/2020 6:34:22 PM PDT by tinamina
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To: karpov

$57 Billion deficit? Hey, I have an idea, California, stop spending money for sex change for teens and other Looney ideas!!!


76 posted on 08/18/2020 6:40:41 PM PDT by ConservaTeen (WFLA's Jack Harris: Brooklyn is missing their village idiot. Right you are, Jack.)
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To: Gen.Blather

“How do we keep electing idiots?”
We let idiots vote.


77 posted on 08/18/2020 8:06:39 PM PDT by I-ambush (One foot in the grave, one foot on the pedal I was born to rebel. Ppl)
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To: karpov
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.

How is this any different than a mugger?

"I see you have some money there. Give it to me."

78 posted on 08/18/2020 8:32:57 PM PDT by gogeo (It isn't just time to open America up again: It's time to be America again.)
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To: karpov

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.


79 posted on 08/18/2020 8:48:17 PM PDT by notpoliticallycorewrecked (I thank the good Lord everyday that I no longer live in CA.)
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To: karpov

BTTT!!!


80 posted on 08/18/2020 8:56:51 PM PDT by musicman (The future is just a collection of successive nows.)
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