Title should be 'anyone with over $30m of non-real estate weath', not just 'anyone'. It's highly misleading to basically say everyone.
California plan for wealth tax on anyone who spends 60 days a year in the state
61–70 of 734 posts
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#62I'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 d…
Isnt the us taxing basically everyone even if they moved somewhere else years ago?
[deleted]
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#63> 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
Interesting that they aren’t saying that anything close to your sarcastic quote.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#64How would this be enforced? Is it even possible to track people who spend 60 days in the state?
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#65Does 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.
The federal government does something worse, you pay federal income tax on all income no matter where it is made and what country you are living in (with the exception of some deductions for income taxes paid to other countries one is living in). Other countries only make you pay taxes for income generated there. Even if you give up US citizenship, which requires something like paying taxes on all unrealized gains an…
Triple citizen: first 100k is tax free. You still need to lodge US taxes which is a huge pain. There are reciprocal tax agreements with most of the developed world though. The only time this bit me was when I was looking at a very well paying job in Dubai:
https://www.irs.gov/businesses/international-businesses/unit...
>And good luck getting back in for a visit after relinquishing your citizenship.
Sadly all too true. There must be a list somewhere because everyone I know who has done this has gotten fucked very hard every which way they could get fucked by the govt.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#66Great way to help further diversify the Texas economy. I want to thank the Californians who voted in these politicians.
The problem most Texans see is they flea California, realize it’s different, and vote for the same stuff they had there. A lot of Texans do not want California transplants. Just like how Montana doesn’t want Texans.
I’m sure there are some people who think like that, but is it really “most”? I don’t remember any prominent groups saying that Elon Musk’s move is bad for Texas, for example. Any policies that Texans love are going to be safe, because even if migration became so large that California transplants made up 5% of the population, they wouldn’t be able to flip votes on anything 60%+ of Texans agree on.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#67I'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 d…
I always find it ironic when Silicon Valley Software devs talk about how the "evil rich" should "pay more" in taxes to support the poor, never having the understanding that they likely are the "evil rich" the tax man will be coming for....
if you are a Software Dev for a FANG or FANG like company guess what you are in the top 10%.....
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#68Well I guess I'll take the apparently bold stance here that this isn't the end of Silicon Valley or California and yes this is fair and further, good. When people are getting 5-6% returns on investments (minimum), 0.4% is still not even stopping the rich get richer effect. Not to mention that it's almost certain no one here will ever be touched by this tax.
If you're going to move where you live or significantly alter where you spend you time because of 0.4% of things above 30M, that's a real sign of just how far American greed has gone. The rich will drive themselves right into another french revolution unless they start realizing that taxes need to return to where they were from the 1930's-1970's. Trickle down economics is a known failure and at this point it's a question of when the pendulum will start swinging the other way.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#69>Taxing someone who spends only 60 days in the state in any single year—and extending that tax over an ensuing decade—would be something new under the sun. Wow. That's nuts.
Yah, this sounds batshit insane to me. And I'm a SF-grown Left-leaning freak.
Re: California plan for wealth tax on anyone who spends 60 days a year in the state
#70Earlier quoted context omitted.
Isnt the us taxing basically everyone even if they moved somewhere else years ago?
As a rough approximation, if you’re a US citizen, then You must file a US income tax return. The US taxes your worldwide income regardless of where it’s earned. BUT under most circumstances you would get a credit against what you owe the US for what you pay the country in which you earned the money and also wanted to tax you (no double taxation in theory) It’s kind of a pain for someone living in say Kenya which does…
How do I benefit from a country while not being in it?