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.”
Probably taxing sale of real estate
At $30,000,000 net worth it won’t apply to very many people, something the CA socialists will soon discover. Then they’ll quickly lower the number to about $1,000,000 and include the value of personal residences, thereby catching and destroying what’s left of the much of the middle class.
It seem like an obvious violation of the interstate commerce clause...
“The Commerce Clause authorizes Congress to regulate commerce in order to ensure that the flow of interstate commerce is free from local restraints imposed by various states.”
New York is already trying something like that. Hopefully courts throw out as once you leave a state, your taxes to that state should immediately end.
That would be a tax I say just try and get it. Bastards
Go ahead, try to enforce new taxes on someone who lives outside of your jurisdiction. So many ex-residents will fail to comply that the broken window principle will rule. Precedent sets law.
I thought Cali already tried that once before and got slapped down.
A new iron curtain is being built. You can check out any time you like, but you can never leave.
They did this in the early nineties. Then they were slapped down by a federal judge. So they are trying it again.
Yeah ok, what kind of taxes are these criminals paying
I’, really surprised they haven’t taxed California funded
state pensions that are paid out state. I get the difficulty in taxing private corporate pensions and why DC ruled against it, but why not state pensions?
“...sometimes their midgames are too sociopathic and cognitively chaotic for me to detangle.”
Which explains California and Venezuela to a T. Given a choice between wealth and power, leftists will choose power over others every time. It’s much more fun than merely being rich.
Venezuela was once the wealthiest nation in Latin America. Now it is impoverished, but the power elite don’t care & still have their perks.
We are in for a rough ride.
dig deep enough...prolly nothing... nada..not even SS
has anyone ever thought that your public employees..from garbagemen to governor and Fed senators should have their tax returns on line for their Constituents’ -their employers-public review?
“You can check out anytime you like, but you can never leave.”
I don’t see how they can enforce it across state lines.
Don’t leave a forwarding address.
I always thought that was a stupid lyric, but, lo! and behold, that is exactly what we're talking about here.
Retroactive taxation has sometimes been upheld, but especially when the lookback period is limited, for example a year or thereabouts, and when the tax increase is of the nature of a rate or other change to an existing tax, and not a "wholly new" tax, like a wealth tax.
IANAL
You’re right - the FTB tracked me down while stationed in Turkey because I’d submitted our federal tax return from a CA address while stationed there.
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