California Dems propose new wealth tax that would follow residents who leave the state – IOTW Report

California Dems propose new wealth tax that would follow residents who leave the state

Blaze:

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.” MORE


20 Comments on California Dems propose new wealth tax that would follow residents who leave the state

  1. Tax justice, huh? There needs to be another kind of justice that involves dead commies hanging from lamp posts.

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  2. I’d Like to see them try it. Really.

    All they want to do is steal as much from our trusts as they can before the populace realizes they’ve been gifting money to the IRS all of these years.

    Do some history on where the 1040 form was originated from, and what it meant….and still does.

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  3. They tried this in MA, but with businesses that left the state; the SJC deemed it unconstitutional under the state constitution. I don’t believe this will pass muster with the supremes, even if it does in CA court.

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  4. WHAT DO YOU EXPECT FROM A STATE GOVT THAT SCREAMS ABOUT DROUGHT AND FLOODING SIMULTANEOUSLY??

    THEY’RE INSANE

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  5. All I can say is…..I’d like to see Kalifornication try it.
    Really.
    If the runaway resident has no bank account in the state, no investments, holdings, or property in the state, doesn’t live in the state, doesn’t buy FROM the state, doesn’t SELL to the state, doesn’t file a Kali state income tax form, pays no Kali state income (or other) taxes, has NOTHING to tie or connect him to the state……how will they enforce this new proposed “wealth tax”?
    What WILL they attempt to seize? Or garnish?
    I can just see it now:
    Kali: “You owe us money, ya deadbeat millionaire”
    Rich Person: “ESAD. You get nothing from me”

    What next? Is New-comb going to attempt to tax us who have never lived or worked in Kali at all, at any time?

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  6. Shoot. I visited California once in the ’70s. Will I be taxed?

    I know. Everyone do what Obama did. Ignore anything he didn’t want to do even if the courts told him he had to.

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  7. For all of you saying, I’d like to see them try it. Let me give you a little advice. If you move out of California deposit your money in the smallest local bank you can find. Because B of A, Wells Fargo, Chase, etc, will just hand your money to California.

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  8. When we moved to Texas we specifically looked for a bank that was not multi-state. The only reason we even thought of the big banks was to specifically avoid them.

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  9. Brad,

    For the amount of interest the banks give, I don’t use them other to cash my checks. Banks AREN’T a safe place to keep your money…..neither is a 401(k).

    …but what you say IS true.

    Ann Barnhardt made a good point when she said, (paraphrasing) “if you can’t stand on top of it with with an AR-15 you don’t own it”.

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  10. This thread is a keeper
    Brad at 2:01
    Whoa
    I bet that means any Zelle Connected Netwerk too
    Digital Money, No Thanks

  11. On one hand, the mega-wealthy in California are the root cause of many of the state’s problems and I don’t feel sorry for them. The poor and the middle class are welcome to live in Stockton, Fresno, Barstow or San Bernardino, but stay the fuck out of the trendy coastal areas.

    But even assuming it’s constitutional (which I doubt), this brain damaged proposal would have ramifications far beyond just taxing the net wealth of billionaires – it would set a precedent of a net wealth tax on every citizen and allow each state to “follow” outbound migrants in order to collect that pound of flesh. California knows its policies are driving the wealthy (who pay 40% of the overall tax bill) out of the state, and this stupid proposal would accelerate that exodus. Rather than address this natural dynamic, California progressives would rather follow these folks and take their money where ever they end up.

    Again, I don’t have a whole lot of sympathy for the mega rich. But the answer is not “let’s figure out how the state can take more money from people” because giving states like California more money is even worse.

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  12. Wyatt,
    The people yo describe have not left California so taxing them into poverty won’t be a problem. California has literally lost half it’s tax base in four years. And every time a large company leaves Newsom’s reaction is, well bye, who needs your sorry ass. Well turns out he does. Those are the people he’s targeting.

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  13. I get the feeling California could even try to make this law ex post facto. I’m sure it’s at least crossed their minds.

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  14. Just as the 16th Amendment was sold as “only taxing the top 1/2 of 1% of all income” it soon expanded to include even Fido the dog’s bone collection.

    From: “Would you mind not smoking?”
    To: “Smoking is banned in your own vehicle and home.”

    From: “We need to curb the Jew’s influence in University.”
    To: “The Final Solution.”

    Gov’t is a cudgel. A dangerous weapon which should be used sparingly.

    mortem tyrannis
    izlamo delenda est …

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  15. If they were smart, the Billionaire’s would pool some money, buy some weapons and blow California into the ocean.

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