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re: Plan on escaping california? They'll tax you for that
Posted on 12/19/20 at 8:13 pm to LoneStar23
Posted on 12/19/20 at 8:13 pm to LoneStar23
That damned state needs to disappear.
What's taking the "big one " so long?
What's taking the "big one " so long?
Posted on 12/19/20 at 8:18 pm to LegendInMyMind
quote:
How the hell is that even legal?
They are broke
My sister lived out there for 10 years and was making 100k or so, not rich in the Bay Area.
They've sent her bills for all kinds of shite since she moved, anything the state can make a dollar on.
Posted on 12/19/20 at 8:18 pm to LegendInMyMind
quote:
How the hell is that even legal?
I'm guessing not.
Posted on 12/19/20 at 8:19 pm to LoneStar23
Not that it this isn't absurd as hell it won't affect me until they adjust it at a later date. I'm a tad short of the $30 million net worth at this time to be be subject to this tax. That said may these arseholes that wrote this rot in hell.
LINK
CHAPTER 2. Imposition of Tax on Wealth
50305. (a) For the benefit of accumulating excessive wealth in this state, there shall be imposed an annual tax of 0.4 percent upon the worldwide net worth of every resident in this state in excess of the following:
(1) For married taxpayers filing separately, fifteen million dollars ($15,000,000).
(2) For all other taxpayers, thirty million dollars ($30,000,000).
LINK
CHAPTER 2. Imposition of Tax on Wealth
50305. (a) For the benefit of accumulating excessive wealth in this state, there shall be imposed an annual tax of 0.4 percent upon the worldwide net worth of every resident in this state in excess of the following:
(1) For married taxpayers filing separately, fifteen million dollars ($15,000,000).
(2) For all other taxpayers, thirty million dollars ($30,000,000).
This post was edited on 12/19/20 at 8:25 pm
Posted on 12/19/20 at 9:25 pm to captron
Where is Wesley Snipes when you need him? Federal prison?
Posted on 12/19/20 at 9:26 pm to LoneStar23
NJ taxes your house sale on way out
Posted on 12/19/20 at 9:46 pm to captron
I love California. Its an awesome place to live I normally defend it....but yeah, I got nothing with this one
Posted on 12/19/20 at 9:51 pm to captron
quote:
CHAPTER 2. Imposition of Tax on Wealth
50305. (a) For the benefit of accumulating excessive wealth in this state, there shall be imposed an annual tax of 0.4 percent upon the worldwide net worth of every resident in this state in excess of the following:
(1) For married taxpayers filing separately, fifteen million dollars ($15,000,000).
(2) For all other taxpayers, thirty million dollars ($30,000,000).
This would present a whole laundry list of problems and unintended consequences these idiots haven't thought through. Just like that stupid bill they rushed though trying to turn contract workers like Uber drivers into employees. That was a clusterfrick of epic proportions.
Posted on 12/19/20 at 9:54 pm to LoneStar23
You make substantially more in their state and then move to a lower cost of living in other states... you can see why they are trying this.
Posted on 12/19/20 at 9:58 pm to LoneStar23
quote:
A proposed wealth tax would apply for a decade to anyone who spends 60 days in the state in a single year.
Before Covid I was there 1-2 times a month for work. Good fricking luck taxing me that. If they are efficient at it, then I'll just spend less time over there and continue just doing phone calls.
Gavin Newsom: Do the world a favor and kill yourself. I'm serious. DO IT!
Posted on 12/19/20 at 10:03 pm to LoneStar23
That will prevent Nurses coming into the state to work! Ca cutting off their nose to spite their face!!!
Posted on 12/19/20 at 10:04 pm to LoneStar23
quote:
A proposed wealth tax would apply for a decade to anyone who spends 60 days in the state in a single year.
So SCOTUS will have something to say about this, because those people would also get taxed in their home state.
Posted on 12/19/20 at 10:05 pm to LoneStar23
Before Covid, I easily spent 60+ working days in San Mateo. I was probably well over that in 2018.
frick that. Not doing that ever again.
frick that. Not doing that ever again.
Posted on 12/19/20 at 10:06 pm to Dixierebel
quote:
That will prevent Nurses coming into the state to work! Ca cutting off their nose to spite their face!!!
If they want those people to stay, they need to REDUCE the tax burden.
This post was edited on 12/19/20 at 10:15 pm
Posted on 12/19/20 at 10:11 pm to dewster
quote:
They are clearly targeting IT consultants and tech workers, but it sounds like it would definitely hit nurses too.
These people don't have $30mm in net worth. But there are a lot of people in Cali who do. These people are not going to stand for this kind of thing. They will be out of there. Or put their wealth in hard to find or value assets like gold, art, etc. There will be huge unintended consequences.
This post was edited on 12/19/20 at 10:14 pm
Posted on 12/19/20 at 10:11 pm to captron
Calculating wealth isn’t easy, especially for high net worth households that have a diversity of assets.
I can only imagine needing annual appraisals to see whether this applies or not.
CA will never be able to enforce this.
I can only imagine needing annual appraisals to see whether this applies or not.
CA will never be able to enforce this.
Posted on 12/19/20 at 10:13 pm to captron
Wealth taxes have been repealed in virtually all european nations where they have been tried.
the reason?
it cost more to pay tax agents to assess wealth than the amount of money the wealth taxes brought in in revenue.
the reason?
it cost more to pay tax agents to assess wealth than the amount of money the wealth taxes brought in in revenue.
Posted on 12/19/20 at 10:13 pm to SloaneRanger
quote:
These people don't have $30mm in net worth.
Ah good catch. Some of those tech leaders might.
Elon Musk will likely go on a Twitter rampage.
Posted on 12/19/20 at 10:34 pm to lynxcat
quote:
CA will never be able to enforce this.
Agreed but that never stopped the idiots running this state from trying. I think the Cal state politicians have a contest to see who can come up with the most absurd legislation. They have it down to an art.
This post was edited on 12/19/20 at 10:35 pm
Posted on 12/19/20 at 10:42 pm to SloaneRanger
quote:
There will be huge unintended consequences.
A lot of airline pilots are based in California but live in Nevada, Utah, Washington, etc. I wonder how this will go for them. The company I work for is on the state border. A lot of the people I work with live in the more tax free state yet work in a tax burden state. Those employees don’t have to pay the higher taxes according the courts.
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