> IF YOU SO MUCH AS SET FOOT IN OUR STATE WHILE HAVING LIQUID ASSETS WE WILL NEVER STOP HUNTING YOU
k, very normal stuff, carry on
California plan for wealth tax on anyone who spends 60 days a year in the state
21–30 of 734 posts
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#22Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#23Of course it excludes real-estate. In California the only legitimate wealth is the land you inherit.
Nothing like old money.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#24> Today, California’s wealthiest 1% pay approximately 46% of total state income taxes. Adding the wealth tax to individual taxes and including those taxpayers who have abandoned California, the combination of the two proposals would have 1% of the state’s population paying about 53% of individual taxes. This is insane. That 1% will simply pick up and leave and the state will end up in a long expensive legal battle to…
So 1% pays 46% of the taxes. Do they own more or less than 46% of the total capital? Because if they own more than 46% they should be paying more taxes. It doesn't matter that they are only 1% of people. What matters is how much they own (or at least how much they earn).
Wealth inequality is inherently higher than income inequality, so transitioning between the two seamlessly is a mistake.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#25> Today, California’s wealthiest 1% pay approximately 46% of total state income taxes. Adding the wealth tax to individual taxes and including those taxpayers who have abandoned California, the combination of the two proposals would have 1% of the state’s population paying about 53% of individual taxes. This is insane. That 1% will simply pick up and leave and the state will end up in a long expensive legal battle to…
It is insane. It is also insane that the system is so rigged in favor of wealth accumulation. An insane solution to an insane problem. I pay a lot in taxes, and I am good with that. I also give a fair bit away. The truth is I should make less, as should you.
> The truth is I should make less, as should you.
That some people make a lot of money is a good thing.
The bad thing is those who make too too little money.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#26I'm not sure what the problem is. When Democrat supporters demand more more more via the politicians who promise more more more, where did they think the money would come from?
Believe it or not, the bottom ~50% don't have enough money to tax. The next 30-40% have some but not enough to raise enough money to help. The taxes have to be focused on the top 10% and more likely the top 1-3% to raise enough to meet these demands.
I think the biggest problem will be trying to enact this on people who aren't California (or even US) residents who are now out of state. You can tax visitors for actions they take while they're in your state (sales tax, hotel taxes, even income) but when they're not there and haven't been there for years?
The State of California may get a rude awakening on this one.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#27Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#28Does anyone know the mechanism by which they can possibly make the out of state tax stick? If it doesn't, I'd probably move to the Midwest. If it does, there are other citizenships.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#29Of course it excludes real-estate. In California the only legitimate wealth is the land you inherit.
Where do you see that? It’s on “worldwide net worth”. That includes real estate.
The bill says:
> 50306. Worldwide net worth shall not include any real property directly held by the taxpayer.
(It does include real estate held through an LLC, though, so any smart commercial landlord is still going to be subject to it.)
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#30> Today, California’s wealthiest 1% pay approximately 46% of total state income taxes. Adding the wealth tax to individual taxes and including those taxpayers who have abandoned California, the combination of the two proposals would have 1% of the state’s population paying about 53% of individual taxes. This is insane. That 1% will simply pick up and leave and the state will end up in a long expensive legal battle to…
Rich people problems.
Problems of rich people and all other people who are employed by rich people. Elon is not the only person moving to Texas: all the new jobs created by him move as well.
Also I'm a digital nomad, right now living in Brazil, and thinking of going on a trip to the US, but I have to make sure to be updated of these laws that don't exist in any other country in the world.