Posted on 12/19/2020 5:01:17 AM PST by karpov
California’s Legislature is considering a wealth tax on residents, part-year residents, and any person who spends more than 60 days inside the state’s borders in a single year. Even those who move out of state would continue to be subject to the tax for a decade—a provision that calls to mind the Eagles’ famous “Hotel California” lyric: “You can check out any time you like, but you can never leave.”
The California Constitution probably allows a statewide wealth tax on residents, but any effort to create a tax capable of reaching across state borders is likely to run afoul of the U.S. Constitution. Taxing someone who spends only 60 days in the state in any single year—and extending that tax over an ensuing decade—would be something new under the sun.
Each year this tax net would gather up a new crop of taxpayers for the next decade. The range of people it proposes to ensnare is staggering: every student attending college in California, anyone having a major medical procedure at a California hospital and needing an extended in-state recovery period, and those who spend two months in California away from New York or London winters. Under California tax law, there is no distinction between a nonresident from Minnesota and a nonresident from Dubai.
Assembly Bill 2088 proposes calculating the wealth tax based on current world-wide net worth each Dec. 31. For part-year and temporary residents, the tax would be proportionate based on their number of days in California. The annual tax would be on current net worth and therefore would include wealth earned, inherited or obtained through gifts or estates long before and long after leaving the state.
(Excerpt) Read more at wsj.com ...
Didn’t a war get fought over ‘taxation without representation’?
Trust me. Living in California is no longer an honor, ask the former residents how compassion is a common thread thru its history.. NOT!!!
Didn’t a war get fought over ‘taxation without representation’?
Trust me. Living in California is no longer an honor, ask the former residents how compassion is a common thread thru its history.. NOT!!!
CA uses a thing called a bank levy.
They do it every day.
Zap, money gone!
Then you have to fill out docs to get anything back.
And of course there are deadlines.
This isn’t a joke folks, the libs are deadly serious.
I think that New York state or city has a law like that. Rush has talked about he had to keep track to the number of days he was in NYC, especially doing his show from there, to avoid being taxed by the city. This was AFTER he moved to Florida and became a resident there.
So much for snow birds. So much for airline flight crews. So much for many long haul truckers. 60 days in a year can add up fast.
Hi.
The Equalization Board (yes, a Dept in the CA government) tried to do that to me and the First lady back in 2012. I posted the particulars on FR at the time. We guess because of our Tea Party involvement.
Both CA and Lois Learner went after us.
Froze every bank account (except one, hehehe), put a lien on property and tried to just generally fu@k us.
We had to hire a CA attorney because they would not let me plea.
Long story short, we got all of our money back except for attorney fees.
F’em. Or shoot the bastards.
5.56mm
I am not endorsing this steaming pile, but the vast majority of those people wouldn't have to pay the actual tax. The question is to what length and expense these people would have to go to comply with the law? The wealth tax proposal doesn't say and leaves it to the Franchise Tax Board to write the regulations.
Unbelievable. Simply unbelievable.
Yes. Why not?!
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