The proposed bill, AB 2088, authored by Assemblyman Rob Bonta (D-Oakland), would raise taxes for the top .15% of earners in California, putting a .4% wealth tax on those who are worth more than $30 million or more and would apply the tax to residents for 10 years after they leave the state. Two kids finished college with zero debt. Assembly Bill 2088 will assess a wealth tax annually for a 10-year shadow period and extend to residents, part-year residents, foreigners – in short, every individual who is in the state for over 60 days in a calendar year. California seeks to increase it’s already stratospheric top 13.3% income tax to 16.8%, and the latest new tax the golden state wants to collect is a .4% wealth tax. Prominent conservative commentator Ben Shapiro has been the most well-known to leave, opting to move to Nashville earlier this year. I have yet to read a “news” article that addresses the legality and enforcement of a wealth tax for ten years after someone leaves the state. This is a new concept indeed. Industrialist Elon Musk, who earlier this year threatened to move Tesla Motors to Texas, still hasn’t ruled that out and is likely waiting on the result of the wealth tax votes. The bill, AB 2088, included wording that would make an individual or corporation who spent more than 60 days in California in any given year subject to some level of the wealth tax. Existing law imposes taxes upon income and real property, as well as taxes upon certain transactions and excise taxes. He can be reached at evan@californiaglobe.com. ");b!=Array.prototype&&b!=Object.prototype&&(b[c]=a.value)},h="undefined"!=typeof window&&window===this?this:"undefined"!=typeof global&&null!=global?global:this,k=["String","prototype","repeat"],l=0;lb||1342177279>>=1)c+=c;return a};q!=p&&null!=q&&g(h,n,{configurable:!0,writable:!0,value:q});var t=this;function u(b,c){var a=b.split(". 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). Argentina approved a one-time wealth tax last month, and Bolivia’s legislature, fulfilling a campaign promise by its new socialist president, passed an annual levy on large fortunes at the end of the year. But they’re also causing population increases in cities, mainly in the Southeastern U.S., and taxes having been growing, if not skyrocketing, there. If you live in California, you plan on coming here, or you plan on leaving, this is definitely something that you need to know about. //]]>. These proposals, as well as other factors such as wildfire threats, a continued economic shutdown, high living costs, and a Democratic controlled Assembly and Senate have made many prominent Californians consider leaving in recent months. Required fields are marked *. California Might Become the First State With a Wealth Tax The proposed legislation would impact nearly 30,400 Californians and raise $7.5 billion for the state’s general fund. But they’re also causing population increases in cities, mainly in the Southeastern U.S., and taxes having been growing, if not skyrocketing, there. !b.a.length)for(a+="&ci="+encodeURIComponent(b.a[0]),d=1;d=a.length+e.length&&(a+=e)}b.i&&(e="&rd="+encodeURIComponent(JSON.stringify(B())),131072>=a.length+e.length&&(a+=e),c=!0);C=a;if(c){d=b.h;b=b.j;var f;if(window.XMLHttpRequest)f=new XMLHttpRequest;else if(window.ActiveXObject)try{f=new ActiveXObject("Msxml2.XMLHTTP")}catch(r){try{f=new ActiveXObject("Microsoft.XMLHTTP")}catch(D){}}f&&(f.open("POST",d+(-1==d.indexOf("?")?"? “Now California is endangering a large tax base.”, “California expects to get more from higher taxes, but would miss out on them if they left. The proposed bill, AB 2088, authored by Assemblyman Rob Bonta (D-Oakland), would raise taxes for the top .15% of earners in California, putting a .4% wealth tax on those who are worth more than $30 million or more and would apply the tax to residents for 10 years after they leave the state. Bonta said he would like to see a wealth tax passed in addition to the “millionaires tax” proposed in a bill introduced in late July. Wealth tax proposals, wealthy Californians threaten to leave Assemblyman Rob Bonta. California’s proposed wealth tax includes an unusual twist — the tax would apply to former residents for 10 years. A bill proposed August 13 in the California Assembly would impose a new tax on high net worth individuals in the form of a wealth tax. People, both conservatives and libs, are genuine and respectful of opposing viewpoints. And since innovation in California isn’t limited to software and chips, leave it to the California state legislature to propose the nation’s first “wealth tax.” Assembly Bill 2088 , if enacted, will impose, year after year, an annual tax at a rate of 0.4 percent of any California resident’s net worth in excess of $30 million. Someone get Gavin on the phone ASAP!! (e in b)&&0=b[e].o&&a.height>=b[e].m)&&(b[e]={rw:a.width,rh:a.height,ow:a.naturalWidth,oh:a.naturalHeight})}return b}var C="";u("pagespeed.CriticalImages.getBeaconData",function(){return C});u("pagespeed.CriticalImages.Run",function(b,c,a,d,e,f){var r=new y(b,c,a,e,f);x=r;d&&w(function(){window.setTimeout(function(){A(r)},0)})});})();pagespeed.CriticalImages.Run('/mod_pagespeed_beacon','https://sharecaster.com/2020/09/29/jeffrey-gundlach-other-wealthy-californians-threaten-to-leave-california-if-wealth-tax-is-passed/','8Xxa2XQLv9',true,false,'Em6Xb2LFhhI'); “Elon Musk, Joe Rogan and Ben Shapiro, to name just a few, are leaving California to escape incompetent governance,” tweeted Gundlach during the weekend. In 2011, California had only 15.5% of the nation’s millionaires and 21% of billionaires. The rate is reduced by 10% for each year of absence. California’s legislature may justify a wealth tax as only affecting people who are so wealthy they don’t deserve sympathy. Why do you thing so many elderly people are heading to Arizona, where, news flash, they are likely to go to an 8% rate soon and rival California for the highest tax rate in the Southwest.”, “Honestly, this is why this is a tough decision. Get the best viral stories straight into your inbox! Two six figure 401k’s. Jobs LIFT people, not the government. If passed, the wealth tax would hit affluent individuals who have lived in California over the last 10 years. California State Assemblyman Rob Bonta has proposed that the wealthy pay taxes whether they live in the state or not. This could end up being a big win for defenders of freedom and the traditional American way of life, and we could use one in these troubling times with the flag being flown upside down so much lately. The Midwest is becoming more red and the South is trickling in blue. Gavin Newsom (D), to be recalled. A group of California lawmakers, led by Rob Bonta (D-Oakland), have proposed a wealth tax that would be applied to the net worth of approximately 30,400 Californians if enacted into law. The next target will be the “privileged” middle class. Wait, I thought people were pawns that will robotically do whatever the government says. Lawmakers, who this year floated unsuccessful measures to increase income tax rates on Californians who earn more than $1 million a year and impose a new tax of 0.4% on net worth over $30 million for joint tax filers, are poised to try again with those or other tax bills in next year’s session. 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. The bill would put the question on the 2020 ballot. Gavin Newsom is being targeted for recall. The decimation of the French middle class. Sacramento has it backwards. (approximately 30,400 … These proposals, as well as other factors such as wildfire threats, a continued economic shutdown, high living costs, and a Democratic controlled Assembly and Senate have made many prominent Californians consider leaving in recent months. 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. For example, California plans to level a killer tax on rich people who dare move out of the state, probably to escape the taxes. Own a home. The degree to which a person’s wealth would be subject to the tax would be determined by the amount of time he or she spent in the state during the prior ten years. A group of California state lawmakers have proposed a state wealth tax aimed at roughly 30,400 residents that they believe could raise $7.5 billion – but it could well have the opposite effect as the state’s wealthiest residents flee the state in droves.. 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Should I align with 3 smart guys, or Sacramento? 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. The new threat: a first-in-the-nation combination wealth tax and exit tax. The California Wealth Tax is co-sponsored by the California Federation of Teachers, SEIU California, and the California Teachers Association. Your email address will not be published. “The ‘response’ from Sacramento? California Might Become the First State With a Wealth Tax The proposed legislation would impact nearly 30,400 Californians and raise $7.5 billion for the state’s general fund. California is known for contemplating insane legislative bills, and then turning those insane bills into law. Switch to the light mode that's kinder on your eyes at day time. This tax would apply the tax to residents for 10 years after they leave the state. Unless you bought a home in CA in the 70’s, or even in the last significant downturn in the early 90’s and enjoy a low property tax rate, and factor in the increased taxation, overpopulation, homelessness, strict business regulations (Toyota, Charles Schwab) it’s a no brainer as to why many would move away from a once great state. As a result, the wealth tax would include a ten-year exit tax, which essentially phases out the 0.4 percent wealth tax by 0.04 percent each year until ten years have passed since a former California resident has left the state.. Why do you think the leaving rates have remained so low still besides people not being able to afford moving out? The destruction of small business to make people dependent on government is another play in Newsom’s book by these overreaching lockdowns. (Photo: lisadinotogroup). Why do you thing so many elderly people are heading to Arizona, where, news flash, they are likely to go to an 8% rate soon and rival California for the highest tax rate in the Southwest.”, “Honestly, this is why this is a tough decision. 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? 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. Prior to the Globe, he reported for the Pasadena Independent, the Cleveland Plain Dealer, and was head of the Personal Experiences section at Cracked. Join in on pressuring lawmakers to keep the tax percentage to high-income earners from 13.3 % to as much 16.8. 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