Dems plan a wealth tax on people who move in or out of California

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Marxists believe that all money is the government’s money. In their beneficence, they might let you keep some of it. For example, California plans to level a killer tax on rich people who dare move out of the state, probably to escape the taxes.

Fox Business anchor Neil Cavuto questioned California State Assemblyman Rob Bonta on “Cavuto: Coast to Coast” Friday over his proposal to institute a 0.4% wealth tax on Golden State residents worth more than $30 million.

The Alameda Democrat told Cavuto the proposed tax “affects about 0.15% of the California population — not the top 10%, not the top 1%, the top .15%, about 30,000 people” and would generate $7.5 billion in revenue for the state.

Cavuto asked Bonta what happens if people move. Bonta called that “avoidance.” California would tax them for ten years. Bonte claimed they accrued the wealth in California. Basically, he thinks it’s California’s money. He believes they can do it legally.

RICH, GET THE HELL OUT OF CALI BEFORE THIS BILL PASSES

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.”

The first thing Marxists do when they take over countries is level wealth taxes.

Bonta added that his proposal would apply a “phased-in approach” to make sure Sacramento recoups its share of the income of a California resident who leaves the state.

“If you move in Year One, 90% of the tax bill applies…” he said, adding that the following year it drops to 80% and so on until it is phased out to zero.

If the wealthy acquired the wealth in another state, the same thing happens

Cavuto said to Bonta they won’t be able to leave the state and “they might hate you.” He then asked Bonta what happens to people who acquired their wealth in another state.

If someone acquired their wealth in another state, they still have to pay the taxes for ten years when they move into the state.

Bonta said people will continue to move in because “it’s California.”  We have education, Silicon Valley, blah, blah, blah. He added that people aren’t leaving. Bonta claimed George Soros and others said, “tax me more,” and it’s “patriotic to do this, it’s fair to do this.” 

By the way, George Soros uses every tax loophole in the book such as his ‘charities’ which are actually tax-free political operations.

They believe they have the right to steal your money. But, they are the party of slavery, the KKK, and Jim Crow, so what else could we expect except communism?

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Bill Austin
Bill Austin
1 year ago

Isn’t it a practice of the Soviet Union to build walls to force people stay. Let CA tax their citizens in any way the CA assembly sees fit. Californians voted them in. It’s their decision. Notice how he mentioned George Soros? The other states can use their migrating businesses. I suggest they tax Big Tech the most.

C. Ritz
C. Ritz
1 year ago

Please pass the bill and make it for all CA residents…. maybe you that will keep all you idiots out of AZ.. lol. .!

D3F1ANT
D3F1ANT
1 year ago

The Democrats are a clown show. How on Earth is this tax beneficial to Californians!? The rich will certainly pay the tax in order to escape the insanity. But nobody will pay such a tax in order to call the California lunatic asylum their new home! So you’ll have some income as people flee…and nobody new coming in to fill the financial vacuum! Certainly not the brightest strategy…but I guess we never accused Democrats of intelligence.

Heywood JaBloeMe
Heywood JaBloeMe
1 year ago

Leaving all that wonderful Southern California property to the illegal Mexican moochers. Can’t wait to see it explode.

Linda Smith
Linda Smith
1 year ago

Good. Sock it to thme. Bet,most of the rich have financially supported the left so they deserve it.