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re: Plan on escaping california? They'll tax you for that
Posted on 12/19/20 at 8:19 pm to LoneStar23
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
5
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 9:46 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 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.
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