No way. They formerly did this with retirees who earned their pensions in CA and left the state. It was ruled in violation of the commerce clause iirc. Now, ex-resident retirees cannot have their pensions taxed by Kalifornia. By that precedent, ex-resident wealthy cannot be subject to a Kali wealth tax once out of the state. If they increase the tax rate, again, I’m leaving the state for a lower tax locale. It’s a damn shame, Kali has wonderful weather and vistas ; my friend and family live here too.
Lived in San Diego for three years. One of the most stunningly beautiful and pleasant places I've ever lived.
Problem was, it was filled with Californians.
That old law was also struck down under “Taxation Without Representation”. Calif was demanding a tax & those people could NOT vote in Calif.
My brother thinks the California government isn’t so bad because the state has beaches and some decent sights. Yeah he’s not as bright as I once thought he was as I was little in some ways.
It was called the “Source Tax”, claimed to be justified as the retirement had been earned in Kalifornia*.
Eventually struck down by act of congress, an act sponsored by Nevada Congresswoman Barbara Vucanovich.
Dingy Harry Reid claimed credit for it after Barbara retired!
Once retirees left Kalifornicate’ya they were outraged to see their checks diminished despite having no ability to vote, or representation, in Kali.
They made the outrage known to their new reps, who if nothing else were irate at the loss of spending/revenue for THEIR state.
So Kali lost that fight and will lose this even faster as THESE folk have the mean$ to fight harder and faster.
I would still recommend that anyone leaving Kali. remove their funds first, before they finally leave.
*Not necessarily true as some retirees transferred in from other states before retirement.
The rich have many ways of sheltering their wealth. Use of LLCs is on method for real estate for example.
All of my wife's families save TWO have left CA for CO, UT, NV, WY, AZ, etc. My FIL/MIL and SIL are in CDA, ID. FIL and I got his gun collection out and he would have faced 1000 years in CA prison.
They sold their 1100 sq foot house in Ventura Co for 800k! They bought 2 years ago in CDA area of ID for 2500sq foot for 500k. Their real estate agent asked them if they would sell for 700k due to the fleeing Californians.
Anyways, the only two families left have kids in college and they plan of escaping soon. .
Summary: An ENTIRE family unit of about 20 households of Conservative, Christian, gun owners have FLED CA in the last 10 years....and the remainder will leave soon.