California Dems propose new wealth tax that would follow residents who leave the state
Jan 24, 2023 15:51:32 #
California Dems propose new wealth tax that would follow residents who leave the state
Progressive California lawmakers introduced a bill last week that would impose a new annual tax on wealthy residents, even if they flee the state, Fox News Digital reported.
The legislation, proposed by Assemblyman Alex Lee (D) and sponsored by nine other state Democrats, would require California residents with a "worldwide net worth" above $1 billion to pay an additional 1.5% yearly tax beginning in January 2024. As early as 2026, the tax threshold could drop to $50 million with an imposed 1% annual tax.
"Billionaires aren't paying what they owe while enjoying public investments to build their empires," Lee wrote on Twitter. "My colleagues today and colleagues from 7 other states are introducing Wealth Taxes to bring tax justice #TaxTheRich."
"Worldwide net worth" encompasses a range of assets beyond annual income, including farmland, arts, collectibles, stocks, and hedge fund interest.
The legislation includes provisions that impose contractual claims to residents' assets, which would require payment even if they move out of state.
Last week, Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York, and Washington proposed similar legislation to tax wealthy residents.
According to Lee, if the proposed bill is passed, the tax would apply to 0.1% of California households and generate $21.6 billion in state revenue. Lee intends for the new annual wealth tax to address the state's $22.5 billion budget deficit.
"This is how we can keep addressing our budgetary issues," Lee told the Los Angeles Times. "Basically, we could plug the entire hole."
Critics of the legislation believe it would push California's wealthiest residents out of the state.
"The proposed California wealth tax would be economically destructive, challenging to administer and would drive many wealthy residents — and all their current tax payments — out of state," Jared Walczak, vice president of state projects at Tax Foundation, told Fox News Digital. "The bill sets aside as much as $660 million per year just for administrative costs, more than $40,000 per prospective taxpayer, giving an idea of how difficult such a tax would be to administer."
Patrick Gleason, vice president of state affairs at Americans for Tax Reform, told Fox News Digital that the Democrat lawmakers believe they can "get around" the problem of Californians moving "by trying to tax people even after they leave the state."
Gleason and Walczak argued that the legislation is unconstitutional.
https://www.theblaze.com/news/california-dems-propose-new-wealth-tax-that-would-follow-residents-who-leave-the-state?utm_source=theblaze-breaking&utm_medium=email&utm_campaign=20220124Trending-CalifWealthTax&utm_term=ACTIVE%20LIST%20-%20TheBlaze%20Breaking%20News
Will some Conservative with a HS education explain to these stupid liberals what causes $22.5 billion budget deficit.
Progressive California lawmakers introduced a bill last week that would impose a new annual tax on wealthy residents, even if they flee the state, Fox News Digital reported.
The legislation, proposed by Assemblyman Alex Lee (D) and sponsored by nine other state Democrats, would require California residents with a "worldwide net worth" above $1 billion to pay an additional 1.5% yearly tax beginning in January 2024. As early as 2026, the tax threshold could drop to $50 million with an imposed 1% annual tax.
"Billionaires aren't paying what they owe while enjoying public investments to build their empires," Lee wrote on Twitter. "My colleagues today and colleagues from 7 other states are introducing Wealth Taxes to bring tax justice #TaxTheRich."
"Worldwide net worth" encompasses a range of assets beyond annual income, including farmland, arts, collectibles, stocks, and hedge fund interest.
The legislation includes provisions that impose contractual claims to residents' assets, which would require payment even if they move out of state.
Last week, Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York, and Washington proposed similar legislation to tax wealthy residents.
According to Lee, if the proposed bill is passed, the tax would apply to 0.1% of California households and generate $21.6 billion in state revenue. Lee intends for the new annual wealth tax to address the state's $22.5 billion budget deficit.
"This is how we can keep addressing our budgetary issues," Lee told the Los Angeles Times. "Basically, we could plug the entire hole."
Critics of the legislation believe it would push California's wealthiest residents out of the state.
"The proposed California wealth tax would be economically destructive, challenging to administer and would drive many wealthy residents — and all their current tax payments — out of state," Jared Walczak, vice president of state projects at Tax Foundation, told Fox News Digital. "The bill sets aside as much as $660 million per year just for administrative costs, more than $40,000 per prospective taxpayer, giving an idea of how difficult such a tax would be to administer."
Patrick Gleason, vice president of state affairs at Americans for Tax Reform, told Fox News Digital that the Democrat lawmakers believe they can "get around" the problem of Californians moving "by trying to tax people even after they leave the state."
Gleason and Walczak argued that the legislation is unconstitutional.
https://www.theblaze.com/news/california-dems-propose-new-wealth-tax-that-would-follow-residents-who-leave-the-state?utm_source=theblaze-breaking&utm_medium=email&utm_campaign=20220124Trending-CalifWealthTax&utm_term=ACTIVE%20LIST%20-%20TheBlaze%20Breaking%20News
Will some Conservative with a HS education explain to these stupid liberals what causes $22.5 billion budget deficit.
Jan 24, 2023 17:56:34 #
Oldsailor65 wrote:
California Dems propose new wealth tax that would ... (show quote)
Their tax plan for the near future is simply this:
What did you make?
Send it in!
Jan 24, 2023 18:53:10 #
Oldsailor65 wrote:
California Dems propose new wealth tax that would ... (show quote)
I’m not sure how this legislation will affect someone who moves out of the state? The legislation, would require California residents with a "worldwide net worth" above $1 billion to pay an additional 1.5% yearly tax beginning in January 2024. As early as 2026, the tax threshold could drop to $50 million with an imposed 1% annual tax.
Sounds to me like the easy fix is to move out of California before January 2024 and if not, get out ASAP after that.
Looks like they’re just trying to speed up the process of having rich people move out ASAP.
Jan 24, 2023 18:55:01 #
Parky60 wrote:
I’m not sure how this legislation will affect some... (show quote)
I’m looking for someone to buy my ranch so I can get out. Any takers?
Jan 24, 2023 19:20:44 #
Marty 2020 wrote:
I’m looking for someone to buy my ranch so I can get out. Any takers?
Ya take'a check???
Jan 24, 2023 19:21:01 #
Marty 2020 wrote:
I’m looking for someone to buy my ranch so I can get out. Any takers?
Sorry, I'm stuck in the People's Republic of Illinois for now... just as bad.
Jan 24, 2023 19:28:13 #
Oldsailor65 wrote:
Ya take'a check???
Cashier sure
I was born at night but not last night 😂
Jan 24, 2023 19:38:57 #
Oldsailor65 wrote:
California Dems propose new wealth tax that would ... (show quote)
Of course it would follow you for the year you left, a person would have capital gains taxes on their property they sell.
Jan 24, 2023 19:40:27 #
woodguru wrote:
Of course it would follow you for the year you left, a person would have capital gains taxes on their property they sell.
Nope!
That comes out of escrow! Usually extra, then you file in April to get the excess back.
Jan 25, 2023 07:04:23 #
Marty 2020 wrote:
Nope!
That comes out of escrow! Usually extra, then you file in April to get the excess back.
That comes out of escrow! Usually extra, then you file in April to get the excess back.
Yup and put your money in a trust and incorporate your family with an LLC. That's a limited liability corporation
Jan 25, 2023 09:52:28 #
nonalien1 wrote:
Yup and put your money in a trust and incorporate your family with an LLC. That's a limited liability corporation
California though charges a minimum of $800 tax, payable in advance, regardless of whether or not you make a profit.
Jan 25, 2023 12:39:17 #
coelacanth
Loc: Michigan swamp
Oldsailor65 wrote:
California Dems propose new wealth tax that would ... (show quote)
I left in 1980, how much do I owe? Asking for a friend.
Jan 25, 2023 13:26:38 #
coelacanth wrote:
I left in 1980, how much do I owe? Asking for a friend.
How much you got!
Jan 25, 2023 13:50:12 #
Jan 25, 2023 14:30:49 #
coelacanth wrote:
Not enough to suit those weirdos!
Doesn’t matter, they’ll just print more money anyway.
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