California's wealth tax starts now !!!! Thats on top of the exorbitant taxes they already pay.

[Paul158]

How long will it take before the millionaires and billionaires to pack up and leave. I believe I read that even if you leave they can still keep taxing you. Is that even legal? What is your thoughts.

[Husker_Du]

idk if that (taxing after you leave) went through, but it was certainly proposed. idk how the heck they would enforce it though.

[Paul158]

California is hoping to collect 21.6 billion dollars from this new tax. Get the U-Haul trucks ready.

[Husker_Du]

well, they had an 80bil surplus two years ago which they managed to turn in to an 80bil deficit that needs to be made up in some fashion.

imagine dumping that much cash into the state only to see its major cities in the worst shape ever.

 dem policies for ya.

[Paul158]

2 minutes ago, Husker_Du said:

idk if that (taxing after you leave) went through, but it was certainly proposed. idk how the heck they would enforce it though.

Can you imagine the work force it would take to evaluate all the art work, furniture,stocks , gold ,silver and jewelry? I guess they will stop the moving trucks at the border and collect before you can leave and set up an annual payment plan.

[Paul158]

The second component is an exit-tax structure that allows the wealth tax to be applied for several years after the taxpayer leaves California. This is crazy.

[JimmyBT]

1 hour ago, Paul158 said:

How long will it take before the millionaires and billionaires to pack up and leave. I believe I read that even if you leave they can still keep taxing you. Is that even legal? What is your thoughts.

The taxing you after you leave didn’t make it through YET. 

[JimmyBT]

https://www.forbes.com/sites/steveforbes/2024/01/12/california-is-becoming-the-north-korea-of-taxation-and-things-are-only-going-to-get-worse/?sh=2b91fef63569

[mspart]

WA will be next no doubt. 

mspart

[mspart]

I had the opportunity to work in So Cal.   I did not take that offer and I'm glad I didn't.   CA is a problem with ineffective government 'needing' ever more money to be ineffective with.   WA is working their way to that level of ineptitude.   This is the same WA that sent covid checks to Nigerian hackers.  

However, this year may turn things around temporarily here in WA.   There are six ballot initiatives that got bi partisan petition signatures and strike at the heart of the progressive agenda that has been flourishing here.   That plus a real governor's race where the big D candidate is not well liked.   Reminds me of when Jesse Ventura won MN.   The D who was the AG and felt like he was the deserving annnointed one (reminds me of Hillary), lost miserably taking 3rd.   Our AG and front running D is in the same boat.   Kind of like Biden is across the US.   Hopefully the legislature gets the message with these initiatives and doesn't go too crazy this session. 

mspart

[Husker_Du]

On 1/13/2024 at 7:22 AM, Paul158 said:

The second component is an exit-tax structure that allows the wealth tax to be applied for several years after the taxpayer leaves California. This is crazy.

1) how is that remotely enforceable?

2) why don't they leave immediately? 

[mspart]

Perhaps this can be answered with some more specifics.

1.   How much money is wealth?  Is this income or total net worth?  Includes 401K?

2.  How much is the tax rate?

3.  When will it begin to be enforced?   2024 tax year, 2025 or 2026 tax year?  If for 2024, that might be expost facto as the year has already started and that would be backdating a law and that is kind of out of bounds.  Easily challenged. 

4.  How many people will this affect?

mspart

 

 

[ionel]

2 hours ago, mspart said:

Perhaps this can be answered with some more specifics.

1.   How much money is wealth?  Is this income or total net worth?  Includes 401K?

2.  How much is the tax rate?

3.  When will it begin to be enforced?   2024 tax year, 2025 or 2026 tax year?  If for 2024, that might be expost facto as the year has already started and that would be backdating a law and that is kind of out of bounds.  Easily challenged. 

4.  How many people will this affect?

mspart

 

 

Also we are all assuming you get money back when your net worth goes down correct?  

[billyhoyle]

How is there an entire thread on this, but nobody bothered to even google it to see that this hasn't passed and the Governor is against it?

[Ohio Elite]

https://www.sacbee.com/news/politics-government/capitol-alert/article284131793.html

[WrestlingRasta]

I'm confused, everything I'm reading says the measure was shelved/defeated and Newsome is actually fighting his own legislator over not wanting it.

OP--how far did you read??

[mspart]

The point here is that the discussion is part of the legislative agenda.   It is shelved for now.   But there have been a lot of ideas that were shelved that we now are afflicted with.   Mark my words, this is not the end of this idea.   It will come back.   

mspart

[jross]

The idea of taxing someone after they leave the state is absurd.  But the idea of a state getting back some of the incentive money and tax breaks that helped enable $30M+ annual income has merit.

[billyhoyle]

2 hours ago, mspart said:

The point here is that the discussion is part of the legislative agenda.   It is shelved for now.   But there have been a lot of ideas that were shelved that we now are afflicted with.   Mark my words, this is not the end of this idea.   It will come back.   

mspart

Ok, but why was there an entire page of posts acting like it had already passed and wondering how California would deal with collecting from people who had moved away? Nobody bothered to even see if the original post was true when it was obviously misinformation.

The title of the thread is literally that the wealth tax starts now. 

Edited January 16 by billyhoyle

[mspart]

Did not research it because it sounded extremely plausible.   CA would do something like that. 

mspart

[Lipdrag]

6 hours ago, jross said:

But the idea of a state getting back some of the incentive money and tax breaks that helped enable $30M+ annual income has merit.

The idea of incentive money and tax breaks is absurd.  There is no legitimate place for social engineering in the tax code.  One rate, as low as possible.  Period.  No favor nor malice toward any.  Ever.  Then you don't have to worry about getting it back.