Tuesday, January 23, 2024

How to Increase Outflow of Wealthy Californians

1/22/24 Fox News reports on California's solution to insane spending: a wealth tax.  Not a higher income tax but a tax on wealth no matter where it is:
"The proposed wealth tax is a sweeping measure, encompassing both full-time and part-time residents of California. Levying a 1.5% excise tax on worldwide net worth exceeding $1 billion, the bill aims to generate substantial revenue to fill the state's budget deficit. By 2026, the tax net expands to wealth exceeding $50 million, at a 1% yearly rate, with an additional 0.5% tax on assets exceeding $1 billion. "

If you were a typical California billionaire and therefore Democrat, would you keep a home even your little lake house on Tahoe in California?

I suspect a lot of California billionaires are going to be rethinking their blind support for Democrats.

That is okay.  All the illegal immigrants will supply the increased income tax revenue.


  1. As a former (native) Californian I am diligent about not spending enough time in California to attract the attention of the FTB - the folks the East German Stasi took notes from.

    Spend anything close to 180 days a year in California (even a partial day) and they will start sniffing around to see if they can somehow decide you are a California resident, and demand taxes.

    I earned my wealth, and I think I should be able to keep it.

    1. I cannot picture moving back unless I am leading a tank column. :-)