California’s predictively significant budget deficit is a whopping $68 billion. Legislatures spend money on things that do nothing to improve the well-being of their residents – quite the opposite.
The lawmakers who caused the problem think that the way to solve it is to tax the productive people in the state to death, even if they try to leave or allegedly underreport their assets.
Individuals and businesses that try to leave will be subject to a one-time tax based on the value of their assets, including property and investments.
They think they can fill the budget hole dug by these non-stop big-spending socialists with a wealth tax that involves annual taxation based on all of their assets. If they have a valuable painting, it will be taxed every year. If they have a house, they will be taxed on its increased value even though they are not selling.
And that’s not all!
A NEW EVIL BUSINESS WILL COME OUT OF THIS
They will weaponize unscrupulous attorneys to scrutinize and potentially sue affluent individuals for underreporting their assets by incentivizing them financially.
If you want to make some money from a rich person’s allegedly underreported assets, you can start by going through social media and finding trips that they took, homes they bought, and so on. Then, you can report them to companies or attorneys who will pay you for doing it. It doesn’t matter if it’s inaccurate; people will pay to make them go away. It’s a whole new evil business that could sprout up. The fines for underreporting will be very painful.
Even those suffering from declining property values and higher taxes will have to pay again.
IT’S UNCONSTITUTIONAL
Expert John Williams says California’s punitive tax policies may serve as a blueprint for other states grappling with financial challenges. He predicts that similar measures could be adopted by cities such as Philadelphia, Boston, Atlanta, New York, and Chicago, further exacerbating the exodus of wealth from these regions.
Look at what the Attorney General of New York just did to the Trump organization. They didn’t commit a crime, and no law in the books fit the prosecution. Then they turned around and demanded half a billion dollars for allegedly telling banks the property was worth more than it was worth.
Williams says, “Taxing people for leaving CA? That is unconstitutional. Citizens of the United States have the liberty to freely move in and out of the 50 states as they please. People need to bring this to the Supreme Court and sue CA for its arrogance!”
“I think they should check case law: The U.S. Supreme Court in Crandall v. Nevada, 73 U.S. 35 (1868) declared that freedom of movement is a fundamental right and, therefore, a state cannot inhibit people from leaving the state by taxing them.”
Stop voting for these communistas! They ruined paradise.
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