Government greed knows no bounds.
A first-in-the-nation combination wealth tax and exit tax.
A.B. 2088, as amended on August 13 by 12 Assembly members and 2 Senators, would impose a 0.40 percent annual tax on a taxpayer’s worldwide wealth above $30 million, not counting real estate, based on market value at the end of each calendar year. Part-year residents would pay a pro-rated tax based on the number of days spent in California each year. New residents would have the wealth tax phased in for them over ten years.
This just screams inept State government incapable of managing to a budget. And yes of course, taxpayers in other States will end up bailing them out.
NY and CA have businesses and successful people leaving. Gee, I why? What could possibly be the reason?
A good friend from CA told me of that State chasing people that moved for taxes retroactively applied. If I recall correctly it was a property tax (could be wrong). Imagine that, you leave CA and a few years later receive an unexpected bill for tax that didnt exist when you were there.
Airline passenger “technically the plane had an issue why traveling to Hawaii and made an emergency landing for repairs”
”Ja, here’s your tax bill.....”
If taken to the “Supreme” court the will say that’s perfectly legal
Every other state ought to have a yearly wealth tax on people moving FROM Commiefornia or New York. if it dissuades them from moving to saner states it would be good.