Tax ‘avoidance’ will not be allowed; it’s California’s money.
CA Globe: Assemblyman Rob Bonta (D-Oakland) made an appearance on “Cavuto: Coast to Coast” Friday to discuss his Wealth Tax proposal. Bonta told Cavuto the tax “affects about 0.15% of the California population — not the top 10%, not the top 1%, the top .15%, about 30,000 people.”
California Globe reported Bonta held a Zoom press conference Thursday announcing his legislation to tax the state’s wealthiest job creators and innovators – he claimed the “30,400 billionaires” living and working in California. (According to CNBC, there are only 630 billionaires in the entire United States.)
Bonta’s press conference was moderated by SEIU California, and not by his Capitol staff.
“The California Wealth Tax (AB 2088 as amended) would apply a 0.4% tax on the portion of a taxpayer’s net worth that exceeds $30 million. (approximately 30,400 people),” Bonta’s website says.
Bonta blames coronavirus for creating “inequality” in California, and not previous legislation and policies. “Families are hurting right now. COVID-19 has only made matters worse,” Bonta said. “In times of crisis, all Californians must step up and contribute their fair share. Asking these well-resourced Californians to give a little more to keep our people working and support our most vulnerable is the right thing to do.”
This first-in-the-nation net worth tax is estimated to generate $7.5 billion per year in new “revenues” to the state coffers.
California has the highest tax rates in the nation. Bonta and Democrats want to force successful Californians to pay additional taxes on wealth and income that’s already been taxed. more
Taxation without representation anyone?
…once more, for the slow kids in the back…
IT’S NOT YOUR MONEY!
I can’t see how this law would pass as at all Constitutional.
So what would happen if the billionaire decided to stay in Cali but downsize his personal wealth (such as a house, yacht, secondary properties) very significantly and move his companies to Texas and drastically reduce his salaries & dividends for 10 years. Keeps the money in the businesses until its safe to Fuckoff permanently?
Net worth can be manipulated,esp. since the Covid BS could be used as an excuse for executives not take as much/temp suspend their pay structures.
?????
There are always loopholes etc.
By what vehicle do these little Nazis plan on collecting said tax from another state after you leave? I don’t think it’s happening.
Dems are all about class envy and punishing success. I’m the last guy that would begrudge anyone their fortune but part of me says the ultra-wealthy brought this on themselves. I live in California and know first hand the rapacious nature of governmental greed. If I was a billionaire or even super-wealthy I would have moved out long ago and shielded my wealth either offshore or in an unbreakable trust, away of the thieves within the state legislature.
Of course, we must remind ourselves that there exists a certain class of rich leftists that welcomes higher taxes, deluding themselves that they are bringing a better world to the masses, idiots.
Commie scum!
“Bonta said tax “avoidance” would not be allowed as California would tax them for the next ten years, despite what state they live in. Bonta said that because they accrued the wealth in California, the state can continue to legally tax it.”
…. and
“Conversely, a billionaire who moves to California but acquired their wealth in another state, will still have to pay the proposed wealth tax for ten years.
see? they got it all figured out!
can’t wait to see this actually go into effect. gonna be a lot of pizzed off Ho-wood freaks … wait for the ‘entertainment exemption’ … this is going to be fun to watch
To repeat myself, what other state would garnish money, or raid your bank account for an un constitutional tax some faggot bay area politician pulled out of his Gerbil infested ass. Maybe New York. I don’t see this happening.
Socialists gotta socialist. No matter where you get it or got it they’ll take it. It’s like California politicians feel that the money is rightly theirs, and they’re just letting the rich people borrow it. And the stupid lemmings in California will vote for it so they can stick it to the billionaires.
Biden says Trump said there were good people in Charlottesville.
The democrats say there are good people among the rioters, looters, and murdererers that are protesting.
I moved out of california in 1974. Around 1986, I received a letter from the CA tax board saying I may owe them taxes. I called them up and asked them what the deal was, since I had lived in Oregon for the last 12 years. It seems they were cross-checking engineering licenses with tax returns. I was told that if I was paid a salary while attending a seminar or conference in California, then I was liable for Calif income tax for that percentage of time I was in Calif. I told her no thank you, I’m not playing.
It’s all completely fucking illegal. Even the IRS will get gummed up with that donkey shit. They can send angry letters… and some fags will pay the state even when there’s no legality to it.
Same shit in MD with the DMV. You move out of MD and MD hits you with being non-insured in the state. Then they hit you with not returning your tags. Then they rescind the driver’s license you don’t have, swear out a warrant for your arrest, and send you to collections. Fucking cocksuckers.
They screw you if you stay and they screw you if you leave.
It’s unconstitutional and it can’t happen unless… unless… the socialists win the next elections and socialist (or blackmailed) judges rule on it.
Me: I have the unalienable right to life, liberty, and the pursuit of happiness.
CA Govt: Fsck you.
Me: The Constitution prohibits ex post facto laws.
CA Govt: Fsck you.
Me: I have withdrawn my consent to be governed by you.
CA Govt: Fsck you.
Stupid fuckers will do nothing but drive their tax base away.
Try dunning me after I’ve moved out of state.
Here is another hair-brained tax scheme that only a Democrat could conjure up. That dickless POS Senator Wyden from Oregon thinks unrealized gains in your stock portfolio should be taxed each year at the ordinary rate. So say you bought Amazon 10 years ago have a 10K capital gain on that stock, even though you haven’t sold it to “realize” that gain, you should be paying taxes on it every year nonetheless. What a weasel.
Inheritance taxes are also downright evil, monies that were already taxed should be taxed again because it was passed down to your kids? This is so wrong.
Here’s a thought. Through the years Cali has put immense pressure on financial institutions to comply with weird shit. If you’ve left California in the last ten or so years, keep your money in a bank that has no branches or affiliation with California.
I thought New York already implements this BS. Taxing you on the sale of your property if you’re leaving the state.
None-the-less….It’s a giant red flag.
Just let your imagination run wild about how the libs will turn your world into a total HELL on earth.
@TonyR
By that logic, your current state would owe you a refund for the time you were at the conference.
NY does the same thing. So do most dysfunctional democrat-run states.
Some of them tax home-sellers leaving the state so high that that home-sellers are trapped.
Sick shit, huh? These leftists are sneaky. The people voting them in are so goddam dumb.
NY taxes real estate sales extra if the seller is leaving the state? Heck, sell your house for $1,000, and then sell the buyer your unique collection of your kid’s crayon art, the stuff on your refrigerator, for $4,999,000, off the books.
Who is John Galt?
Good luck trying to collect this tax when the person has moved out of state. They no longer have nexus with CA so they have no claim on their assets. The more scary thing that Dims have been kicking around is to confiscate retirement accounts over $ 250,000 and give you a lousy government annuity in place of the stolen wealth. If Joementia wins, be ready to liquidate your assets and/or move to another country, the target will be on your back.
California’s coffers – sounds like coffins. The only way you escape the demonic people that run the state is by dying, apparently.
Curious that the pandemic has evolved into the “social justice” disease.
“California Dems’ Wealth Tax Follows People Who Move Out of the State”
________________________________________________________________________
What they don’t say is that the path to recovering that wealth tax also “might lead” right to the business end of a firearm used in self-defense of said wealth tax.
People like Assemblyman Rob Bonta, and Neil Cavuto deserve to be included in an update of Ayn Rand’s “Atlas Shrugged”.
I’ve told people for years, most politicians are a more clever class of criminals than the mafia, b/c they make their thievery legal.
Uncle Al
AUGUST 23, 2020 AT 10:44 PM
“Me: I have the unalienable right to life, liberty, and the pursuit of happiness.
CA Govt: Fsck you.”
…right , but more like “Fsck you, pay me”…
*NSFW*
https://youtu.be/8L4HHPTiZN8
…seems like this was kind of an issue in the 1700’s, too.
What DID we do about it then?
https://history.army.mil/images/bookshelves/resmat/rw.jpg
Just curious, but when they speak of “people paying their fair share”, why don’t these folks ever volunteer their own money?
Actually this is a well thought out plan. It metastasizes the liberal cancer to other states where they will vote in a repeating process.
^^^ Bingo! Not only that, but just like some states honor other state’s sales tax this will start to apply to a wealth tax as well unless this shit gets nipped in the bud!
NY does it. I think CT may, too. Not sure, but I’ve been reading that NY is.
Also, if you live in CA and buy something out of state, even online, they want the missing tax revenue from the sale. Even if you only purchased a box of hairpins from Georgia.
My God these guys are stupid. Maybe it’s time to just start putting them to sleep and save them the suffering and pain their brains are obviously going through to come up with plans like this.
I imagine that the vast majority (maybe even 100%) of the 30K plus vote for democratic assembly members.
Hey Newscum – come & confiscate THIS! 🖕😁🖕
Same way New York City can claim “Commuter Taxes” against people who don’t live in NYC.
Not only an Income Tax but an Income Tax on citizens of neighboring states.
AND the Supremes found it Constitutional (which it clearly isn’t)!
When corruption permeates all three branches of government, citizens have only one recourse. If the citizens refuse that recourse, then they deserve whatever they get.
izlamo delenda est …