re: Plan on escaping california? They'll tax you for that

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How the hell is that even legal?

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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.

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).

NJ taxes your house sale on way out

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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).

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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.

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A proposed wealth tax would apply for a decade to anyone who spends 60 days in the state in a single year.

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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!

That will prevent Nurses coming into the state to work! Ca cutting off their nose to spite their face!!!

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.

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They are clearly targeting IT consultants and tech workers, but it sounds like it would definitely hit nurses too.

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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.

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.

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CA will never be able to enforce this.

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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.