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California Democrats consider wealth tax
— including for people who moved out
of state

Original Article

Posted By: NorthernDog, 1/24/2023 9:05:17 AM

California lawmakers are pushing legislation that would impose a new tax on the state's wealthiest residents — even if they've already moved to another part of the country. Assemblyman Alex Lee, a progressive Democrat, last week introduced a bill in the California State Legislature that would impose an extra annual 1.5% tax on those with a "worldwide net worth" above $1 billion, starting as early as January 2024. (Snip) Worldwide wealth extends beyond annual income to include diverse holdings such as farm assets, arts and other collectibles, and stocks and hedge fund interest. The legislation is a modified version of a

Comments:

Even your Beanie Baby collection could be taxed.

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Reply 1 - Posted by: sanspeur 1/24/2023 9:14:11 AM (No. 1386038)
so other states can grant immunity for ALL of Kalifornia’s commie taxes ? same M O , ka operating beyond legal borders ..into galactic overeach zone
14 people like this.

Reply 2 - Posted by: Rama41 1/24/2023 9:16:00 AM (No. 1386040)
Until about 20 years ago, any military person who spent a tour in California could look forward to being taxed by California if they later retired to a state that had no income tax. The Supreme Court finally called foul on that.
34 people like this.

Reply 3 - Posted by: Quigley 1/24/2023 9:24:50 AM (No. 1386050)
Or, if you ever visited California. Ever seen a movie filmed in california? Pay. Pay pay pay pay pay. Pay.
14 people like this.

Reply 4 - Posted by: Ida Lou Pino 1/24/2023 9:32:57 AM (No. 1386057)
Anyone who has ever eaten a fruit or vegetable grown in Kalifornia - - will have all their wealth confiscated. It's the LAW!
15 people like this.

Reply 5 - Posted by: Nimby 1/24/2023 9:40:21 AM (No. 1386064)
Isn't this precious??
10 people like this.

Reply 6 - Posted by: Californian 1/24/2023 9:43:42 AM (No. 1386067)
Half the state's income taxes paid by top 1%. They knew people would leave so some genius said let's tax them anyway! I hope they pass this. Looking forward to seeing the coming collapse happen that much sooner. Then they'll blame racism and transphobia and cry for Federal bailout.
16 people like this.

Reply 7 - Posted by: bad-hair 1/24/2023 9:45:42 AM (No. 1386071)
Where is John Galt ? Texas
21 people like this.

Reply 8 - Posted by: fhancock 1/24/2023 9:50:25 AM (No. 1386078)
Commies will be commies
14 people like this.

Reply 9 - Posted by: DougTN 1/24/2023 9:57:42 AM (No. 1386085)
Nothing screams desperation like Hotel California. You can check in…
20 people like this.

Reply 10 - Posted by: kennedylaw 1/24/2023 9:59:51 AM (No. 1386086)
There is nothing that democrats love more than taxing people who cannot vote against them. Taxing people who have already fled the state is the Holy Grail of state taxes.
16 people like this.

Reply 11 - Posted by: padiva 1/24/2023 10:09:02 AM (No. 1386094)
I was born in New York over 70 years ago. Do I have a tax for being born there? Do I have to pay every year? I plan to be buried in CT. I suppose I should check to if there will be a tax to be buried there.
7 people like this.

Reply 12 - Posted by: FLCracker 1/24/2023 10:13:26 AM (No. 1386099)
#9, I have always hated that song - pretentious, overblown and mostly boring. A lot like the state, itself.
10 people like this.

Reply 13 - Posted by: formerNYer 1/24/2023 10:42:21 AM (No. 1386126)
how do they plan to collect from person out of state? Silly commie D'rats
9 people like this.

Reply 14 - Posted by: seamusm 1/24/2023 10:44:18 AM (No. 1386129)
How does a wealth tax differ from ordinary property taxes? I am not sure it does. The only provision I am alarmed by is taxing ex-residents for their wealth. That strikes me as illegal unless the wealth is in the form of properties held in California.
8 people like this.

Reply 15 - Posted by: john56 1/24/2023 10:49:55 AM (No. 1386136)
Don't worry. Hollyweird and other liberal wealthy folks will be exempted from this law. Business owners, family farms, and those who saved their money and invested wisely will be the only ones affected.
11 people like this.

Reply 16 - Posted by: planetgeo 1/24/2023 10:55:02 AM (No. 1386141)
California state government is the Zombiepocalypse for real.
10 people like this.

Reply 17 - Posted by: bad-hair 1/24/2023 10:57:46 AM (No. 1386144)
So it's "You can move to Texas, you just can't take your stuff with you." Makes moving sooner rather than later even more attractive than it was yesterday. Rich people .... RUN FOR YOUR LIVES
10 people like this.

Reply 18 - Posted by: Gordon Mills 1/24/2023 11:17:51 AM (No. 1386166)
Boycott and refuse to eat any vegetable, fruit, or nut produced in CA. FL, TX and other states also produce food stuff.
4 people like this.

Reply 19 - Posted by: mean Gene 1/24/2023 11:18:16 AM (No. 1386167)
Doesn't the "no taxation without representation," rule apply anymore?
7 people like this.

Reply 20 - Posted by: ronniethek 1/24/2023 11:22:07 AM (No. 1386175)
Communist manifesto 101
7 people like this.

Reply 21 - Posted by: LC Chihuahua 1/24/2023 11:28:12 AM (No. 1386181)
Just like New York. Currently they only tax income which becomes a huge disincentive to work which is what they want. Make people more dependent on government, and the government becomes master. No doubt they have plans to tax savings too. In the end they will just confiscate everything in the tried-and-true Communist way.
5 people like this.

Reply 22 - Posted by: kono 1/24/2023 11:30:13 AM (No. 1386186)
"Progressive" apparently means pathological pickpockets. Stinkin' thieves.
8 people like this.

Reply 23 - Posted by: hershey 1/24/2023 12:06:13 PM (No. 1386200)
Tell ya, if I'd moved out they would have a hell of a time collecting....
5 people like this.

Reply 24 - Posted by: mifla 1/24/2023 12:25:03 PM (No. 1386212)
Whenever a blue state comes up with a stupid law like this, they are daring the victim to take them to court. To counter this, the red states should pass equally unconstitutional laws to stop them and dare the blue state governments to take them to court.
3 people like this.

Reply 25 - Posted by: bigfatslob 1/24/2023 12:37:08 PM (No. 1386217)
Many moons ago Rush Limbaugh fought with New York state over his move to Florida. He was constantly audited the to the point where he couldn't go into the state and stay for too long a visit or he would be considered a resident to be taxed. This is what's happening in California you can't shake the tax hounds by just moving away.
6 people like this.

Reply 26 - Posted by: Daisymay 1/24/2023 12:44:34 PM (No. 1386222)
#25 is right. I also remember the fight Rush Limbaugh had when NY wanted to tax him after he moved to Florida. He won and did not have to pay their Tax! Every single person CA tries to tax should take it to court! There is no way anyone should be taxed after they leave that state, or any other Blue State! Let the Exodos begin! They will be plugging up I-94 for as far as the eye can see! God Save us here in Florida!
5 people like this.

Reply 27 - Posted by: SALady 1/24/2023 12:47:31 PM (No. 1386224)
Cuba-fornication won't be getting any richer because of this. But the lawyers suing them are going to get stinking rich representing all of the billionaires that deserted that Soviet-style nightmare for greener pastures.
3 people like this.

Reply 28 - Posted by: MickTurn 1/24/2023 12:49:15 PM (No. 1386226)
Pound Broken Glass
3 people like this.

Reply 29 - Posted by: BarryNo 1/24/2023 12:52:00 PM (No. 1386228)
They can tax based on income/assets during the time you lived in California. That's true of any state. If they try to tax you for wealth/property you acquired after you moved?... Ahhh... No... That's blatantly illegal and I think there's case law in New York concerning that. Rush Limbaugh used to complain that NYC would try to tax him for whenever he returned for some event. But they could only tax him for business he conducted whole he was in town.
5 people like this.

Reply 30 - Posted by: Dr. Constant 1/24/2023 1:42:09 PM (No. 1386269)
This is no different than Federal Misgovernment requirements for expats to pay inco.e tax when they live in a different county.
4 people like this.

Reply 31 - Posted by: Starboard_side 1/24/2023 2:28:03 PM (No. 1386295)
Certainly stretches the idea of who is a resident, and when that designation is established. A lot of California faculty and professors move to a low-tax state after they retire. They earned all of their income, benefited from the home appreciation and spend their six-figure pension somewhere other than where they earned it all. Which brings me back to when residency starts. Most states require someone to live in the state 1 year before they qualify for in-state tuition. But, someone is able to vote in that state earlier.
4 people like this.

Reply 32 - Posted by: Dino Sayer 1/24/2023 3:13:46 PM (No. 1386328)
So the top 1% pays half the income taxes now. If half of those people move to Texas or Florida, California loses 25% of its total income tax revenue immediately. They will take their businesses with them, which means that California will lose another 10 to 25% of their income tax revenue from the now unemployed workers of the businesses who left. Property values will crash, reducing property taxes that local governments rely on. Next, sales tax revenues will fall 30 to 50%. So now the state has half of its former income tax revenue, and the localities have 60% of their former property tax and sales tax revenue. There will be no new investment in California. You would have to be out of your mind to risk investment or expansion there. No one is going to want to ship through California ports anymore either. This is a wonderful plan for turning California into an economic wasteland. The only people it will benefit over the shorter term is bankruptcy lawyers. How these hacks keep their jobs is beyond me. Somebody fire them and bring in sensible ideas, like tax rate reductions that always increase government revenues.
2 people like this.

Reply 33 - Posted by: padiva 1/24/2023 3:23:35 PM (No. 1386341)
#25 and #26 If I remember correctly, Rush would not do his radio show in NY. Therefore, he was not working in NY. He went to visit but never to do the radio show.
2 people like this.

Reply 34 - Posted by: bpl40 1/24/2023 5:13:25 PM (No. 1386406)
A wealth tax is a frontal assault on property rights - the very heart of modern civilization. One used to say - Don’t they know this? But now we know that is exactly why they are doing it.
1 person likes this.

Reply 35 - Posted by: paral04 1/25/2023 8:01:52 AM (No. 1386773)
LOL and it will be the same people who voted for these Commies that flee the state.
0 people like this.

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