Posted on 12/25/2020 9:33:23 AM PST by SeekAndFind
As people leave the State of California in record numbers, Progressive lawmakers in that state are moving ahead with plans to enact a wealth tax that will tax a person’s net worth and even follow them out of state should they move. Many businesses and wealthy executives are leaving the State of California because of an overreaching tax code that is bleeding the states population of their ability to accrue wealth. But that’s not stopping some state lawmakers from supporting a wealth tax proposal, even as a growing number of Californians are calling for Gov. Gavin Newsom (D), to be recalled.
The California legislature left the door open last session to enact a wealth tax proposal that would apply up to a 0.4 percent tax on the amount of a state resident’s net worth over $30 million dollars.
The bill, AB 2088, included wording that would make an individual or corporation who spent more than 60 days in California in any given year subject to some level of the wealth tax.
The degree to which a person’s wealth would be subject to the tax would be determined by the amount of time he or she spent in the state during the prior ten years.
And there would be no escaping the revenue generated by existing in California. Even leaving the state would not free an individual of the Tax burden. Under the proposed tax law, anyone who would have been subject to the tax in the preceding ten years would still be subject to some level of the tax for up to 10 years, even if not a California state resident.
State Senate Minority Leader Shannon Grove (R), said in an interview that even though the proposal failed in the last legislature, it “is coming back this year,” because the legislators adjourned without advancing the legislation.
Grove said state Democrats will “try to say that if you generate any revenue in the state…that they can track you down in whatever other state you go to and they can tax you California state taxes for ten years after you leave.”
Good luck with enforcement on that you Marxists
You won’t have your stupid tax agency to go after them anymore
The franchise tax board in CA is pure evil.
Taxation without representation. Where have I heard that before?
How can that be constitutional in a republic? I’m sure the will do it, but really.
I would think that is unconstitutional, but since our court system is an extension of Beijing it’s probably OK
Heard Rush talking about this the other day....only thing I can say is the politicians in liberal states are pure evil...and psycotic.
I’d go to jail before I let them steal my money.
Also heard NYC wants something similar.
Why not? The IRS effectively does this to ex-pat citizens. If you live overseas you are still responsible for US income tax. You also cannot renounce US citizenship for tax reasons. Why can’t statesdo the same thing?
Note, I am not saying I approve, just that the logic s the same
“The franchise tax board in CA is pure evil.”
They don’t set the law.
The people suggesting such a thing should be fed through a wood chipper
“Why not? The IRS effectively does this to ex-pat citizens. If you live overseas you are still responsible for US income tax. “
Different. Income tax versus wealth tax.
This little game is called TAC (”Try and collect”). If the assets are not within the state, it would be near impossible to reach into some extraterritorial locality and seize them.
Wealth flight is not a new phenomenon that only came into existence in the late 20th and early 21st Centuries.
What Republic?
What Constitution?
When the Democrats have control of the Federal government people everywhere, especially productive middle class people in “red” or Republican states will be taxed heavily to subsidize the big Democrat strongholds of California, Illinois and New York. Wealth tax? Forget it. The wealthy in Hollywood, big tech , investment banks and hedge funds who are the financiers of the Democrat Party won’t be touched.
Should make for a fun time when CA tries to reach across into TX to seize some assets to collect. Some leftist federal judge will probably okay it.
This is only the tip of the atom of the iceberg of the kind of crap that will be going on should Chinas employee Joe Bitme be unconstitutionally installed into the office of the President and the Marxists take the Senate.
Well, if the person isn’t living in CA, and their assets aren’t in CA then good luck with taxing those assets.
New York and California are prime examples of why the Founders considered each state to be a “ laboratory of democracy “. The wise states would guide to unhinged states back into reality by their successes.
It’s also why Princess Pantsuit and O’Bam-Bam want to eliminate the Electoral College. That way, the suffering would be equally distributed.
Exactly!
I suspect it's actually by design, they are not looking to make a quick buck with these taxes. Instead - they are looking to purge and 'purify' the state. You can't round people up and put 'em in prison any more as in the Soviet Union, and you can't just kill them. But you can encourage the non-believers to leave.
It's either that and/or they are sneezing on purpose ... i.e. spreading the virus that is leftiness more quickly across the U.S. Maybe both. Oracle talking about moving to Jacksonville may be a 'ha ha' moment when CA loses them, but techies moving to Florida and Texas is actually a good things for the left.
So I don't think the lefty leadership in CA/NY etc. are dumb or necessarily overplaying their hands, and financial calamity never stood between lefties and their ideological goals. Any calamity and crisis is actually what gives them flexibility - it's a catalyst rather than an obstacle, so more and more we see them encouraging it local to them. (See Covid.)
So I don't think this stuff is 'governing mistakes' where they have moved too far to the left too fast. People leaving is probably the point.
Or not. Not being a lefty, hence not coming from that particular crafty evil gene, I find them sometimes difficult to predict or understand. I know the endgame and many of the tactics and strategies ... but sometimes their midgames are too sociopathic and cognitively chaotic for me to detangle.
Everyone in the state will set up or join a bogus foundation like the Clinton Foundation. "Don't send me the check, send it to this foundation."
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