california wealth tax passed

Should I align with 3 smart guys, or Sacramento? “Elon Musk, Joe Rogan and Ben Shapiro, to name just a few, are leaving California to escape incompetent governance,” tweeted Gundlach during the weekend. The wealth tax would apply to residents, part-year residents, and anyone who spends more than 60 … We can’t wait for the paper’s second edition published in 2025 when the “professor” finds that California has none of the US’ billionaires. So the top tax rate would be 16.8%, on income of more than $5 million and the combined state and federal tax rate for California's top earners would soar to 53.8%. It’s ridiculous. Climate is a huge indicator of where people go, and as big a doomsday as people are saying about California, states like Texas are going to have it much worse in the near future. Others have only threatened to do so, with the wealth tax being the clear line in the sand. Especially when that’s a good chunk of change? The California Wealth Tax (AB 2088 as amended) would apply a 0.4% tax on the portion of a taxpayer’s net worth that exceeds $30 million. California State Assemblyman Rob Bonta has proposed that the wealthy pay taxes whether they live in the state or not. California raised, joined the Army where I met my Texas veteran wife. Even it is challenged to the Supreme Court it will be held unconstitutional. (Photo: Kevin Sanders for California Globe) Oh you mean that people will choose to take their money and go somewhere else so they can save it and do with it as they see fit? General Manager & Advertising: Kevin Sanders, © 2021 California Globe     , Jeffrey Gundlach, Other Wealthy Californians Threaten To Leave California If Wealth Tax Is Passed, 24% of Californian's now "seriously considering" leaving the state. Best-decision-ever. California has gone through big political shifts before, so, for Democrats, they need to worry about losing more lower-income voters fleeing the state, and Republicans need to worry about wealthier people leaving the state and people leaving because of politics.”, “Right now, we have been seeing people leave, but the state has a lot going for it. California taxpayers may have even more on their plate to worry about besides a ballot initiative increasing property taxes, raising the top state income tax rate to 16.8 percent, and state tax collections this year that have run ahead of projections. Two kids finished college with zero debt. Have and continue to save / invest a small fortune in income tax (property tax higher than average here, but property costs less in TX as well). Switch to the dark mode that's kinder on your eyes at night time. is nuts. 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The wealth tax would be based on a person’s wealth at the end of a given calendar year. Prominent conservative commentator Ben Shapiro has been the most well-known to leave, opting to move to Nashville earlier this year. They have that ten year tax part in there to scare people away, but honestly it may not even be enforceable, at least beyond one year.”, “Point is, wealthy people are beginning to look for the move, but it will likely create higher taxes wherever they go. Your email address will not be published. The “response” from Sacramento? On the table again in California is a wealth tax, AB 2088, and one which will follow any and all businesses that leave California for greener economic pastures. Wait, I thought people were pawns that will robotically do whatever the government says. California taxpayers may have even more on their plate to worry about besides a ballot initiative increasing property taxes, raising the top state income tax rate to 16.8 percent, and state tax collections this year that have run ahead of projections. But in a state as big and broke as California, $7 billion per year is not enough. //

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