California Socialists have a new bill to help destroy the state, AB259, which imposes a wealth tax. It might be heard in committee on February 19th. It will destroy incentives to make money in the state. Great idea, Cali!
The bill imposes an annual tax of 1.5 percent of a resident of this state’s worldwide net worth” above $1 billion starting in 2024. As with all these tax-the-rich bills, it will get worse and hit more people as the politician thieves run out of money.
Starting in 2026, the threshold would drop to just $50 million of worth, taxed at 1 percent.
Zero Hedge calls it the “nuttiest idea yet,” and it’s definitely up there.
It also sounds unconstitutional.
It’s worldwide, so you can’t escape it in another state or country. When Democrats want your money, they will track you around the world.
AB 259’s language says the tax would be imposed for an asset sale “at any time within the past ten years … the taxpayer shall report the valuation” to the Franchise Tax Board (FTB). So, if you leave, they’ve got you for another ten years.
Californians already pay 13.3% in state income tax. No state pays more. It’s going to cost $300 million a year to just enforce it the first year, with increases of $100 million a year.
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Democrat, or is it Socialist? Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York, and Washington are doing the same thing.
We have already reported this latest bad idea. California Socialists have a new bill to help destroy the state, AB259, which imposes a wealth tax. It might be heard in committee on February 19th. about it.
On Neil Cavuto’s show, Democrat Assemblyman Bonta told Cavuto what happens if people move. Bonta called that “avoidance.” California would tax them for ten years. Bonta claimed they accrued the wealth in California. Basically, he thinks it’s California’s money. He believes they can do it legally.
Bonta defended the grand theft by saying, “In California, we’ve had taxes on millionaires in the past. We raised taxes in 2012 by 3% — and the number of millionaires and billionaires in California has grown. We have 25% of the nation’s billionaires, 17% of the millionaires, those numbers are up, and we’ve grown to be the fifth-largest economy in the world. So, while worthy of consideration, it has not panned out.”
They’re going to phase it in, hoping the incrementalism will fool the victims.
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