The California legislature takes up the wealth tax idea this week. It’s a Hotel California doozie.
California’s Wealth Tax in the Batter’s Box
The Wall Street Journal reports California’s Wealth Tax Arrives. It hasn’t yet, but it’s in the batter’s box.
Democrats introduced the bill last winter, and it will get a hearing Wednesday in the state Assembly as lawmakers scrounge for revenue to fill a projected $68 billion budget hole. Gov. Gavin Newsom on Wednesday will also unveil his budget for the coming year. Democratic legislators are proposing a wealth tax as an alternative to spending restraint.
Wealth Tax Details
- The bill would impose an annual excise tax of 1.5% on the worldwide net worth of every full- and part-year California resident that exceeds $1 billion, starting this tax year.
- Come Jan. 1, 2026, the state would tax wealth that exceeds $50 million at a rate of 1% each year, with an additional 0.5% tax on assets valued at more than $1 billion.
- Part-time residents would be taxed on a pro rata share of their wealth based on the number of days they spend annually in California.
- The tax would also apply to nonresidents who have recently left the state.
- Democrats exempted real property from the tax as a favor to their high-end real-estate industry and Hollywood donors.
- To spread the wealth around to plaintiff-bar donors, the bill would apply the state’s False Claims Act to wealth-tax records and statements. This means plaintiff attorneys could sue affluent individuals on behalf of the state for allegedly under-reporting assets. Plaintiff attorneys would be entitled to a share of the state’s recovery.
Constitutionality
I highly doubt this is constitutional and I am certain that taxing people who don’t live in the state isn’t.
But no one gives a damn about such things anymore.
If this passes, there will be an accelerated exodus from the state. Won’t that be fun.
California Paying for Illegal Migrants to Gender Transition
Meanwhile, please note California Paying for Illegal Migrants to Gender Transition Sparks Fury
Conservatives have reacted with fury after it was reported that illegal migrants in California can be eligible for gender-affirming care from Medi-Cal, the state’s version of Medicaid.
Beginning January 1, all undocumented immigrants in California who meet certain criteria, such as having been resident in the state since 2014 and having income below a certain threshold, automatically qualified for Medi-Cal.
Hard Times: San Francisco Runs Out of Money, Eliminates Slave Reparations Office
On December 18, I noted Hard Times: San Francisco Runs Out of Money, Eliminates Slave Reparations Office
San Francisco wanted to give blacks $5 million each. Instead it eliminated the entire reparations office.
California Has a $68 Billion Budget Deficit
On December 10, I noted California Has a $68 Billion Budget Deficit With Only $30 Billion in Reserves
The boom-bust cycle in California is back to bust again. Governor Newsom faces some tough economic and political choices.
Apparently the no-so-tough choice is to raise taxes even on people who flee the state to avoid them.
If this passes, the Supreme Court will strike it down. Get the hell out of California anyway. Other tax hikes are sure to come.
Correction
Medi-Cal is the state’s version of Medicaid. I said Medicare.
The Wall Street Journal reports California’s Wealth Tax Arrives.
I corrected the WSJ “It hasn’t yet, but it’s in the batter’s box.”
Second, these idiots in California might pass anything.
Third, there are a slew of states looking to pass wealth taxes.
One State?
The states that are introducing bills to tax the rich are California, Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York and Washington.
Try 8 states.
Potential Issue?
No, this is a real issue.
That means more people moving to FL.
My wife is a realtor and this will be good for business.
The more people that move to FL, the faster it is going to sink underwater!
Dumb
The more people that move to Florida the faster the state will turn blue. Unfortunately the majority of these transplants bring their progressive far left wing politics with them instantly forgetting why they moved.
Hey Mish, check out Toronto Canada.
The new mayor there is proposing a 16.5% property tax hike on top of last years 7%. As we all know, property can’t move out of town/state and is a captive asset which is why Illinois so unlivable.
Toronto has extremely high home prices too (well north of 1 million on average) thanks to a huge Canadian property bubble so this is going cost the average home owner more than $1000.
link to canoe.com
Unfortunately the federal government does the same. If you move out of the US, you still owe US taxes for life.
If I had 50 million I would look for the door not just for this potential tax but for all the other idiot things this state can come up with…how about focus on making a decent film again ?
If only I had $50 million to worry about this. The only thing bad about this tax is that it exempts real property.
Hard to see how that is going to work. The only long term option for governments is land tax, which also helps remove land banking driving shortages and prices beyond normal folk.
But obviously not very politically popular unless you exempt most people homes, which pushes people to tie up their wealth in the non-productive family home.
You can easily tax all property which, in practice, requires direct government protection. Meaning taxing tooth fillings, gum packs etc.,won’t practically work. But land, buildings, vehicles, stocks and bonds, patents etc. are all very straight forward, efficient, just and cheap.
Such direct property taxes are the only legitimate taxes (aside from, maybe, some use taxes). If you don’t want to pay the tax on some piece of property, government simply won’t bother protecting said property for you nor keep you registered as the owner. After all, it makes no sense whatsoever that someone other than a property’s owner, should be forced to pay for its protection, the way they are forced to in our current totalitarian hellhole of an unlimited terror state. Hence, with property taxes, you’d avoid all the “reporting”, ratting out, STASI like spying etc. which are required to keep the current pure theft-and-terror scheme afloat.
Of course, Californians are near exclusively indoctrinated, clueless, mostly braindead and worse. And will hence, pretty much to a person, never comprehend this. Instead continuing to fall headlong over themselves supporting this sort of even further STASIfication of their once-was-worthvile state. Handing ever more of their now third world take-home pay to trashy lowbrow ambulance chasers with connections. While blindly believing whichever monkey shows upon TeeVee who says he is going to be tough on some rich guy. Always by handing ever more unearned wealth to ambulance chasing garbage of the worst sort, of course.
You had me at “California”
Yah – things are challenge in California. And I live in Hawaii now so no worries. But I love the state, the people, the life and am sick of unhappy people from the east bashing it. Without California – rest of this country would be a bitter, economic disaster and wasteland.
“…am sick of unhappy people from the east bashing it.” Ahem, the call is often coming from inside the house.
tax the cops who leave for Idaho among others on their pensions including back pension taxes due.
Best bumper sticker ever (from Texas maybe?): “The only thing worse than a Californian is an ex-Californian.”
thank goodness SF still has budget for their ‘Drag Laureate’, who makes $55k year to ‘serve as an ambassador for San Francisco’s LGBTQ+, arts, nightlife, and entertainment communities’
And to virtue single their unhappiness with the Israel/Gaza war by just passing a resolution calling for a ceasefire.
I hope Israel passes a resolution calling on SF to clean-up their streets of the drug addled users and dog poop.
Victor D. Hanson’s article with his usual insights into our collective society’s dysfunction. Thanks to who and why?
“In sum, American civilization has been turned upside down, and we have a rendezvous soon with the once unthinkable and unimaginable.”
link to amgreatness.com
I’m here in Texas, but i always ask myself why is California so Damn weird.
its similar to California in many ways , large rich state with huge immigrant Hispanic population with big urban cities and both states where stand alone countries before incorporation into the union.
Southern (Sonoma on down), coastal California has darned near the greatest climate anywhere on earth. At least for European descendants; Singaporeans, Africans and Venezuelans may complain it’s too cold. Texas too hot in summer,too cold in winter and kill you with golfball sized hail in between.
If Texas was ran by Newsom, everyone would just pack up and leave. That’s a lot harder to do once you’re used to owning nothing other than shorts and a tshirt; while also being able dress up in any Oscar worthy three piece you fancy, nearly all year around.
California has beaches, skiing, motorcycling,sailing….. All doable in shorts and tshirt. All year around. Once addicted to that; people put up with near any amount of robbing, harassment and abuse; just to avoid being steamed alive in Houston in August and the like. Which the politicians have noticed. Hence know they can get away with darned near murdering their constituents, without many of them reaslistically leaving for long.
I live in Southern California. I don’t go to the beach. I never skied or motorcycled in my life. Sailing is for the rich. I don’t vote Democrat either. I prefer pants instead of shorts. My family moved here when I was a kid back when California was affordable and had the best of everything such as economy and education. The Democrats took all of that away. Thanks to Silicon Valley (they donate millions), illegal immigration (their kids vote Democrat for life), and public school indoctrination.
“The Democrats took all of that away.”
The Fed did. Not some braindead, ineffectual state politicians.
Absent runaway inflation for 50+years, there would hardly be a political donor class. Darned near no “investors,” banksters, “funds” nor illiterates “making money off their home” nor getting bailouts. And neither would there be budget deficits of any size. Interest would be market based. Meaning 7+% real rates, and any state which overspent and/or overpromised, would simply go bankrupt with no more ado than that.
Corollarily: As long as there is a Fed, it makes hardly a whit of difference which gang of clowns are nominally in power in Suckramento. By having unlimuted ability to transfer wealth, The Fed also has unlimited ability to transfer power. Hence why your wealth is being transferred from You, to bankster garbage. Neither state politicians nor scary Mexican child laborers jumping the Chinese border (or whatever is the fashionable children’s scare these days…) has much in the way of any influence on it,
If I wanted to depopulate a region to make room for an invasion from abroad, what would I do? Hmm. First, I would support antisocial behavior and mental illness like homotrannyism. Next I would support and pay for needles for drug users and allow them to shit all over the sidewalks, block the entrances to businesses with my “camping” tent. I would also occasionally show that, if I wanted to, I could clean it all up with the snap of a finger if my Chinese benefactor was going to visit.
Next I would support and encourage lawlessness and theft by my minions. And at some point I would look at all sources of wealth generation and squeeze them like I was Barron Harkonnen. I would do every vile, Satanic thing I could think of to make people decide to leave.
That is what is happening in California and no, the people did not vote for this. Democrats like this could only stay in power if there was voting fraud. Why? Because his policies are hurting his supporters as much or more than they are hurting opposition. The rich are mobile. They will just leave.
I left CA 4 years ago to a low-tax jurisdiction with great people and quality of life. Best move I’ve ever made.
slowpoke. I left 50 years ago, came back for a few for work, then left again when I realized it had gotten worse, not better.
Never looked back
I was there for 56 years. Had to finish an employment contract to get a big payout at the end. Left as soon as the check cleared.
You can’t tax “wealth”, because wealth is not money. All wealth taxes have to be paid out of income or disposition (or possibly the transfer of assets to the the state who will then dispose of them). Disposition is a potential problem because it assumes liquidity and a ready pool of buyers. (Many assets can not be partially disposed of like public stocks can.) Therefore, they may as well cut to the chase and just raise income taxes, or perhaps the capital gain tax.
Wealth taxes also will on occasion create a situation where people have a tax burden on the supposed value of their “wealth”, but no money with which to pay it.
Capital gains taxes already provide a substantial “wealth” tax upon disposition or death. All that is happening here is the state is trying to get the money early because they are desperate. But it means less money down the road so the net gain will be approximately zero.
You may not be able to tax some weird, abstract, mystical “wealth”; for the simple reason that it, like near all else in idiotiopias ran by and for illiterates, is not even remotely well defined.
But what you can do, is tax property. Very easily. And very efficiently. Trivially so, since protecting property, including refereeing and keeping track of who owns what, is fundamentally the taxing state’s sole legitimate task. Hence, if you want some piece of property, whether a house; a bond or a patent; protected and counted as yours; you have to pay for it. Protecting property is not free. It certainly makes no legitimate sense that someone else should be forcded at gunpoint to pay to protect yours. Or, you can choose to not pay. And hence, there will be no money in state’s coffers with which to protect it for you. Nor with which to register it as yours. Hence it won’t be protected nor reghistered as yours. Even well indoctrinated #dumbagians should be able to follow that one. Or maybe not….
As opposed to the absolute charade which is activity taxes (sales, income…); property taxes are fair (you pay for your own protection.) As well as near 100% efficient: NO need for some STASI-grade invasive spying into whether someone you poured a glass of lemonade may have given you a penny in exchange and other nonsense. Just simple pay to play. Noone has any incentive to “cheat.”
As for “capital gains”; yet another hardly defined at all invention of the less-than-numerate classes catered to by financialisation: All you’re doing is incentivising incompetence. Why should government force others to pay to protect an oilfield for someone, just becasue he is so incompetent he can’t turn a profit despite $100/barrel oil? It is the protection of his exclusive right to the oilfield which is the service government is providing. That service does not somehow become free to provide, just becasue someone is incompetent. Instead: If you want government to protect some resrouce you require to make a buck: You; and noone else; should pay for it. It’s then up to you to ensure you’re not hogging more resrouces than you know what to competently manage.
Regarding Medi-cal: people who’ve lived in CA for 10 years are eligible. These people have likely paid quite a bit in taxes over that time. Secondly, leaving the whole gender care controversy aside, it’s cheaper to get people preventative medical care than it is to wait until they get deathly sick and end up in the ER. If the government is going to foot the bill either way, why not go the cheaper route of providing preventative care to people?
Enjoy your servitude
This is an extremely complex issue. Canada has found that folks still go to the ER (because in a single payer system, you wait forever to see someone unless you’re bleeding out). I have family in healthcare and they give me the typical scenario. If my kid gets a persistent cough … I take them to the minute clinic ($80) and then get a generic prescription. Under $100 and partially covered by insurance. What they see in the ER is that folks who don’t get penalized for it instead call 911 … bring the kid to the ER where they get a battery of tests done … then a prescription … then a cab voucher home. Somewhere between $6000 and $10,000 … but 0 effort and 0 cost to the one receiving the service. These folks are also covered by Medicaid where they could go to a doctor … but there is no disincentive to do the ER route and it is the easiest option. I believe I heard a stat that 85% of ER visits are by folks on Medicaid. I get punished for going to the ER, they don’t.
Like almost all governments they have the usual affliction of being NEVER overdrawn, only just continually under-deposited.
Given that we are headed for hyperinflation, we will all be billionaires soon and this will apply to all CA residents. All current billionaires to leave CA in 3, 2, …
I hope they can provide generous funding to find a cure for the rampant epidemic of Terminal Cranial-Rectal Impaction that has swept the place.
Way to go! Tax the everlovin’ you know what outta those kapitalizta bloated peeegs! Make ’em squeal! If they try to flee, hunt ’em down and charge ’em double! You is gonna need a big army to git ’em all, so ya better start enlisting and drafting now. Get all those zoned out bums a marchin’ I say.
The rest of the country, even the world is watchin’ with hope and glee to see Kalifornicatia lead the way to a more enlightened, transcended existence! We is countin’ on you.
In today’s world … it is really hard to tell if this type of post is sarcasm or not. I “think” it is … but again, this is 2024.
I live in California. Most likely none of this will pass. We have had a couple of reasonable governors lately but Gavin Newsom isn’t one of them. Both Jerry Brown (Democrat) and Arnold Schwarzenegger (Republican) did well. They were both relatively socially liberal and relatively fiscally conservative. If someone like Gavin Newsom runs again, if Republicans who didn’t capitulate to the Republican line of election denying and culture wars (unfortunately Democrats also have their own version of culture wars) then the Republican would probably win.
“Leave now or be cleaned out forever.”
Uh oh ! Just what I predicted ! It won’t be long before everyone is being treated like a Palestinian. BTW, get your GAZA NEWS from RENSE.com, and pass that info around !!!!!!
The Communists put fluoride in our water to destroy our precious bodily fluids.
This has been known for decades.
How would they get money from people out of state? I doubt this nonsense passes but all people who left would have to do is not pay it. Nothing CA can do about it.
I have a similar situation with a state saying I owe them taxes despite giving them all the evidence they requested proving I did not live there for the period in question. They refuse to stop sending me bills. This has been going on for a decade. Nothing they can do about it but waste money on postage…meh.
Let me explain a true story to you. I left California in 2016. In 2020, the Franchise tax board sent me a demand for $8000 for 2019 CA state income taxes. Previously, every year, the FTB sent me demands for taxes, even though I was not a resident, and had no income derived from CA sources. I filed as a non resident, and usually there was no follow up. I again filed, (for the 2nd time) a non resident return. The FTB got a court order to lien my bank account here in Florida. (the court order included “any and all contents of safe deposit boxes in my bank”). I had to cough up the $8000+! All without any due process, so the FTB CAN lien out of state assets to collect whatever they deem is owed to CA. Let that be a lesson to all those who think once you immigrate, you are free and clear.
Your story might be true as far as it goes but you had to have some income linked to California otherwise all you had to do was explain and/or appeal. I have lived in and out of California and have filed non-resident tax returns with no problems. You don’t state what they considered to be California linked income so that makes me somewhat suspect of the complete accuracy of your story. Some income that is California linked that one might not think of is 1) a California public pension payment (the reasoning is that the money paid into the pension fund was not taxed so it is taxed on the way out just like an standard IRA) and 2) If you had a 1031 exchange of California property for out of state property, when you finally sell the out of state property you owe tax on the deferred California income. 3) Stock options when you were a resident but exercised when you were not a resident. See link to ftb.ca.gov. for more information.
Basically any income earned in California but not taxed will eventually be taxed by California even if you move out. Other states may not be so diligent.
Two or three remarks.
First, even Thomas Piketty has said that the purpose of taxing wealth is not to fund government or societal spending needs. It is prevent anyone from getting too much wealthier than anyone else.
So, California will cease to prosper unless they and their labor unions can find a way for everyone to prosper simultaneously. </sarc>
Second, remarks about taxation that I heard years ago: First, that high taxes on the wealthy are political show, intended to make it easier to highly tax us ordinary blokes. Second, that high taxes enable corruption, in exchange for granting some of the rich tax breaks.
I have to wonder whether there is a Marxist “inevitable law of history” that governments will tax abuse the citizenry, and transfer our wealth to themselves.
Oh noes, think of the poor billionaires
like every new tax, they start with only the richest, so that people like you support it, then over the years they’ll ratchet down the limits
The Revenue Act of 1913 imposed a one percent tax on incomes above $3,000, with a top tax rate of six percent on those earning more than $500,000 per year. Approximately three percent of the population was subject to the income tax.
Inflation calculator says $3,000 in 1913 is worth $95,967.39 now. $500k in 1913 is equivalent to $15,994,565.73.
Annie don’t get it.
Perzackly ! Ratchet down the limits and increase the percentage they take from you, all the while closing any loopholes. They got it down to a science, folks !!!
For starters, this proposed CA tax has not, and probably will not, be passed.
And what a weird closing argument, citing a post with a misleading title:
CA is “paying” for illegal migrant gender care…
totally different than “can be eligble“.
Real national issues must have been squared away while I wasn’t looking…
if attention has shifted to a potential issue…
in just one state.
Tax increases generally are by referendum. If so, I expect it would pass like it would in pretty much any any state. Most people like it when others get taxed.
For “starters” I clearly corrected the WSJ,.
The Wall Street Journal reports California’s Wealth Tax Arrives. It hasn’t yet, but it’s in the batter’s box.
Second, these idiots in California might pass anything.
Third, there are a slew of states looking to pass wealth taxes.
One State?
The states that are introducing bills to tax the rich are California, Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York and Washington.
Try 8 states.
Potential Issue?
No, this is a real issue.
NJ won’t be far behind, either. NJ has piles of debt and the crooks running it want to stay on their gravey train.
You got a net 15 thumbs down for correctly predicting the bill wont pass; it failed in committee instantly. The readers on this blog might be a contrarian indicator.
Along the line of taxes, there is apparently an issue with Otani’s deferred mega income from the Dodgers. The state stands to lose millions in revenue, as he could leave the state by the time the deferred income kicks in.
Makes me like Ohtani even more. Good for him.
Brownstone recently ran a story about a book by David Webb called The Great Taking. I don’t know the likely hood of this happening, but debt is off the charts. Something is coming, whatever form it is going to take, when the S hits the F.
link to brownstone.org
You can watch THE GREAT TAKING on YouTube, Rumble, and others.
acvording to the facts presented in that documentary, the crooks have been changing the rules a little at a time for the past 5 decades or so, at least. They know exactly what they are doing so they can make you “Own Nothing….” as Klaus Rothschild Schwab at the WEF says. And YES, his mother is a Rothschild, descended from a long line of them. And according to them, YOU are just a USELESS EATER, sullying up THEIR air and water, and consuming THEIR resources. They want 95% of YOU off this planet by 2030. Those allowed to exist will be HACKABLE ANIMALS WITH NO SOUL OR FREE WILL, allowed to live for the sole purpose of SERVING THEM. In my opinion, they should be SERVED to the PIGS !!! It is very important for everyone to watch the Webb Great Taking, so you can get an inkling of just how they have been rigging the system. The intelligence behind it is SATANICALLY BRILLIANT, something like what you would expect from Count Dracula !!!
We have them vastly outnumbered. I’m not worried about them.
Are they going to impose the tax on the unrealized capital gains on financial instruments? If so are they going to issue refunds when those unrealized capital which have been taxed fail to become realized? California becomes more insane every year.
A wealth tax has nothing to do with gains, realized or unrealized. It’s a tax on the value of your holdings. You could have losses for the year and still have to pay the tax on the value of everything.
here in the UK we have a conservative government that has raised taxes to their highest overall level since WW2. The thing about taxes….any taxes…the politicians introduce them at a ‘low’ rate, or restrict them to just a few highest earners, but soon enough more are pulled in and have to pay more. In the UK however there is nowhere to go to to escape the politician maniacs; at least in the US there is another state to go to.
If we can stimulate enough inflation everyone’s income will rise into the higher tax rates.
It’s a plan.
A bit hazy on details, but the state was apparently trying to prevent a ballot measure to restore the super majority percentage needed to pass taxes. It was apparently even claimed that the ballot measure was illegal. Don’t remember who said it, but a democrat claimed that tax restrictions “prevented them from doing their job.”
“California Paying for Illegal Migrants to Gender Transition”
This is not their job. The tax payers are being treated as if some endless cow to be milked. It started with drivers licenses for illegal immigrants and now to medical.
Jesus nailed it.
“Let them be. Blind guides is what they are. If a blind man leads a blind man, both fall into a pit”
Maybe not if they’re roped together and keep their distance.
I’m sure that those people subject to the tax will be heartened to know that their contributions will be going to gender affirming care and health care for illegal immigrants. Warms the heart…
Governments produce nothing as they all are PARASITES and must be kept as small as possible
Not true.
Governments produce the finest warfare they can afford.
Tax, tax, and tax. No solutions! They are in their political positions because they would have never achieved a successful living on their own stupidity.
If you look at Newsom, he looks like an actor PERFECTLY SUITED APPEARANCE-WISE:
To play COUNT Dracula. Just add the fangs. BLOOD SUCKER.
I propose Texas create a 5% per year wealth tax on California politicians. It makes as much sense as trying to tax people who no longer live in CA. Suicide by mental retardation should be popcorn worthy.
The out-of-state aspect of being taxed on Pensions FAILED miserably. This will, too. BUT, they do not CARE about Historical Court decisions.
And so the parasites are going to kill the hosts. In game theory, that is the lose-lose quadrant to be avoided at all costs.
Phew! I’m glad I left 2 years ago. Love California! Despise the government.
The people are very unfriendly.
Some are, some aren’t.
Multicultural societies tend to have less social trust and California is perhaps the greatest ethnic diversity.
link to wcfia.harvard.edu
An alternative view: A 1.5% tax on something you never see, need or use is no obstacle or cost to continuing to enjoy your current lifestyle. However, the complication of reporting and compliance could be a tipping point for consideration.
Neither is moving to another state where they clean up after both their dogs and humans. There are many nicer places on the planet to live that don’t have a 20 million a year surtax on top of your other taxes.
The problem with such schemes is they tend to grow once established. The Federal income tax was originally 1% with an additional 6% surtax on the wealthy.
link to wolterskluwer.com.
This has to be a bot response. It’s very difficult to image a human with views this mockable.
I don’t understand how California has a strong majority of people who are this dumb. It blows my mind.
Just look at his initials (J.O.), and you will understand
John Overington wrote “A 1.5% tax on something you never see, need or use is no obstacle or cost to continuing to enjoy your current lifestyle.”
Sure it is, such as if you are retired and drawing down your wealth to live on. I think what you mean, as a leftist, is at the appropriately modest left-wing lifestyle, you can live with only a pittance of the wealth you currently have. – That is part of the left-wing society described in ‘Atlas Shrugged’, that you and everyone else should live in near-poverty and this is where and how you should live.
Mish, thank you for sharing this development. Not going to see that in my news feed anywhere. Oh Lord, that is a bad idea.
– Gov. Gavin Newsom on Wednesday will also unveil his budget for the coming year. Democratic legislators are “proposing a wealth tax as an alternative to spending restraint”
> What you see here is what the Country will continue to look like, as Newsom and Democratic legislators are “proposing a wealth tax as an alternative to spending restraint” No wonder they love boy wonder in Washington…
– If this passes, there will be an accelerated exodus from the state. Won’t that be fun.
> Why the exodus wasn’t larger, when they announced this last year, is quite surprising. Why after they are planning on, not only voting on this but making it retroactive, is quite alarming. Why anyone that would be effected by this, is still residing in CA. Is actually quite astounding…
While the Republican’s spend too, they do at least cut some as well. I think if they had a lot fewer RINO’s in the Party, they would have a much better, aligned with the Voters, outcome on much of their efforts. Newsom and the Dems have wildly spent CA. Into oblivion, and they are now going to “Ask The Rich” to pay? Say it ain’t so… This can’t be happening… Oh wait I forgot for a split second, it was California we are talking about.
Elon Musk, the wealthiest man in the world, fled California. Don’t expect the others to stay. The tax will devastate real estate values, tax revenue, and employment. When the wealthy leave they take their business and job opportunities with them. If they don’t they raise prices to cover the tax. California inflation is higher than the US average because of minimum wages in the $20/hr range plus high Diesel transportation costs and green electricity rates.
Didn’t ROME try this before it’s collapse in 476 AD ???
This is Financial Suicide . . .
Rome taxed farmers more than the revenue from their crops. The farmers began abandoning their farms. So Rome put a death penalty on abandoning a farm. Don’t tell California. They may try the same trick.
The euphemisms for disguising taxes never end either. Surcharges, user fees, revenue enhancements, inflows, fairer revenue raise, community charge, etc.
The weight fee the all-glorious state of Washington charged on my 550 lb motorcycle is another one.
The left is taking this country to a very dark place. Their playbook has been tried many times throughout human history. And it has never ended very well for anyone.
Too late. We’re already there.
Envy has a long dark downside. The cure is painful too.
Next they will tax the potential income of your unborn child.
Since they own everything already, It will be more like they will demand that you sacrifice your first born to Baal.