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