However, the idea never really died and it looks like California may actually pull it off this time, something that I (and others) firmly believe will finally kill the Progressive ‘utopia’ that is the Pyrite State as wealth (and the wealthy) will flee and investment in any business in California will collapse. To add insult to injury, they are also considering a so-called ‘exit tax’ which will be imposed for 10 years after a wealthy California resident leaves the greedy grasp of the Supreme Soviet in Sacramento.
California’s richest residents — and even those who move out of state — could be required to pay a new wealth tax as early as next year.Good luck to them in trying to collect those ‘exit’ taxes. You know a lot of California ex-pats just won’t pay them. A lot of the states to which they fled won’t act as California’s collection agents either.
A new bill proposed by Democratic Assemblyman Alex Lee would tack on an additional 1.5% tax for Californians who have a worldwide net worth of more than $1 billion, beginning January 2024, according to KCRA-TV, the NBC affiliate in San Francisco.
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Moving out of state wouldn’t exempt wealthy residents from paying the taxes, either.
Taxpayers who don’t have the cash on hand to pay the wealth tax — because their assets aren’t easily liquidated — would be required to file annually with California’s Franchise Tax Board and eventually fulfill their wealth tax obligation to the state even if they no longer live in California, according to the bill’s language.
It would not surprise me if the Supreme Court rules that California has no such power to impose or collect such taxes as the targets of those collections are no longer residents and have no assets or investments in the Pyrite State.
I have to wonder if the Progressive morons in Sacramento will consider armed raids into neighboring states to remove ‘excess’ cash from their banks at some point. I wouldn’t put it past them.