We’ve written about different entities (nations, States) trying to go “beyond” the normal types of taxes (re: income, property, dividends, capital gains, et al) for years. We’ve even mentioned the rather stupid ideas of instituting wealth taxes (not just what you’ve earned but your aggregate net worth collected over time).
Related: Elon Musk has had it with the Shutdown: Tesla is Leaving California for Texas Immediately
From the Land of Fruit Loops and Selfish Democrats comes this beauty of money grabs:
The bill, AB 2088, will tax .4% of a resident’s net worth if it exceeds $30 million for single and joint tax form filers, and $15 million for married couples filing separately. Real estate is exempt, as it’s already taxed at a higher rate than the wealth tax. If passed, the state predicts the bill would raise about $7.5 billion for the general fund from over 30,000 residents.
Instead of trying to look at their operations and rightsize like any business would have to, the Democrats (who basically now are the only political party in CA) really do believe in the principle of Government over People – and are demanding that the People take the financial haircut instead of doing ANY reducing on their part. Note that this is WORLDWIDE wealth held by someone – not just that which is in CA itself.
Assembly member Rob Bonta (D-Oakland) authored the bill as a way to counter the big budget deficit the state faces due to the COVID-19 pandemic. “We can’t simply rely on austerity measures,” Bonta told the San Francisco Chronicle. “We must consider revenue generation.”
The kicker is that if this new “what’s your’s is now our’s”, if you are being driven move out of CA, they are going to go after to you for the next 10 years:
(A) For taxpayers who were subject to the Wealth Tax in one of the preceding 10 years, and are no longer residents of this state as residence is defined in Section 50310, and do not have the reasonable expectation to return to this state, the calculation of the numerator under paragraph (1) shall be as follows. For the first year of nonresidence in California, a fraction between 0 and 1, as calculated under subdivision (b) of Section 50310, plus the years of residence in California over the nine previous years shall be the numerator. For each subsequent year, the number 1 should be subtracted until the numerator reaches 0.
In other words, this wealth tax will also be an “exit tax” really proving that Democrats TRULY believe that what is yours really is theirs – and you will pay for the privilege for paying them. So, like the phrase “if you are going to kill the King, KILL THE KING”, if you are going to move out, move EVERYTHING YOU OWN out with you. Leave nothing behind for them to grab. And then let them try to come and collect when you are a citizen of another State and no longer legally subject to their State’s laws.
IF Biden and CA Resident Kamala Harris get into power, be sure that this will go national. After all, Biden has voluntarily adopted Bernie’s Socialist agenda hook, line, and sinker and part of that is Bernie’s version of a wealth tax (with Bernie Believe Bruce in support). And just like all of the other nations that have tried this, those wealth earners will vamoose to lands untaxed at the stroke of their accountants’ pens.
And if Selfish Socialist Andru Volinsky gains the NH Governorship, you can be sure that this little Napoleanic twerp will do the same thing. He’s proven that you aren’t to be trusted with your own wealth – you refuse to spend it the right way. He, however, won’t listen to Gov Cuomo of NY who is now suffering from what Volinsky will try again
(H/T: PJ Media)