Some California Democrat politicians proposed an additional “wealth tax” on the state’s richest residents, who are already heavily taxed. They are hoping it can become a federal law.
Assemblyman Alex Lee, a progressive Democrat from San Jose, filed legislation that would tax an extra 1.5% on Californians with a worldwide net worth of more than $1 billion starting January of 2024 and 1% for those making more than $50 million starting in 2026.
The camel’s nose is under the tent for a decidedly Marxist punitive tax that would eventually hit the middle class.
Hotel California… You can check out but you can never leave.
— AlpineLiving (@AlpineLiving2) January 24, 2023
It doesn’t stop there. They want to tax businesses and people who try to escape.
YOU CAN NEVER LEAVE
They want to tax you if you’re thinking of fleeing. You can move to California, but you can’t get out.
They already have an exit tax, as do other states like New York. However, they have now added a special provision “to create contractual claims tied to the assets of a wealthy taxpayer who doesn’t have the cash to pay their annual wealth tax bill because most of their assets aren’t easily turned into cash. This claim would require the taxpayer to make annual filings with California’s Franchise Tax Board and eventually pay the wealth taxes owed, even if they’ve moved to another state.”
They think they are entitled to other peoples’ wealth and possessions.
Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York, and Washington are also planning wealth taxes even as people flee New York and California. Progressives keep running out of money and have to keep draining the accounts of their subjects. These taxes always begin with the wealthiest and incrementally work their way down to all of us as their coffers empty out.
PROGRESSIVE DEMOCRAT POLICIES
Their only policies are tax, print money, and give away money to the do-nothings, while robbing everyone else of their hard-earned wealth. A policy like this always runs out of people of wealth to rob and heads for the middle class – always. It’s a voracious beast devouring all wealth to satisfy the politicians’ greed.
This all sounds very unconstitutional – federally, but not for some stats. In any case, you should know what Democrats have in mind.
Professor Jonathan Turley has previously written about how the wealth tax pushed by Democrats like Sen. Elizabeth Warren are unconstitutional under the federal Constitution. States are not subject to the same limit.
Turley writes, “… What is most striking under the proposed law is that it will not only spur more wealthy couples to leave the state but discourage any from moving into the state. Even if this ill-considered law does not pass, who wants to risk going to a state that is actively pursuing new ways to tax you even if you ever decide to leave?”
It might also spur any person of wealth who can leave to get out now.