[Dilbert San Diego]

The proposed wealth tax would add a .4 percent tax on a taxpayer’s net worth for net worths that exceed $30 million,

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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.

[CatOwner]

Eventually the tax will go from this .4% rate to 10%, and the tax base will decline from $30 million to $500,000

You saved me the effort to type up the same scenario. Thanks.

[Bernard]

AND, it piles on from there. In order to calculate this "fair" tax, the state would require some independent verification of the amount of "wealth" each person has.

So along with the current documents each person gets in the mail today for the calculation of income, each person would also have to get documents showing how much your real estate is worth, how much your vehicles are worth, household possessions, gold and silver, and the list goes on. Because the determination of wealth would require a definition of wealth, and rules for calculation.

And each piece of paper would require rules to provide for determination of the value or worth. The paperwork increase would be enormous, and the complexity of state (and local) tax returns can only increase.

[Gen.Blather]

Let’s suppose I own stock valued at the taxable level. To pay the tax I have to sell stock. Let’s say the value of my stocks then drop to below the taxable level. Do I get my taxes back? I may be worth thirty million, but I don’t have thirty million in cash. I am only potentially worth thirty million if I sell all of my assets. Some people may even be unable to sell their assets because of legal restrictions. So, I’m “worth” the money, but I can’t legally get the money.

This idea is a non-starter. I am amazed that lawmakers so frequently do not understand the law...or economics...or what governance is supposed to do. How do we keep electing idiots?

[Metrobank]

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.