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California plan for wealth tax on anyone who spends 60 days a year in the state

wsj.com

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Re: California plan for wealth tax on anyone who spends 60 days a year in the state

#71

Post by threatofrain »

skinnymuch wrote: post #52
Mountain_Skies wrote: post #34

Earlier quoted context omitted.

The difference here is that California is a state not a country. It's much easier for a wealthy person or company to relocate to another state than it is to another country. The EU may have made it easier to relocate to another EU country than it was in the pre EU days but it's still nowhere as frictionless as moving from California to Washington, Texas, or Georgia.

OP says people are moving into Netherlands. That’s effort. Not just not moving out.

I'm not sure those execs getting citizenships are actually moving in as opposed to buying an expensive property and making some kind of investment.

Re: California plan for wealth tax on anyone who spends 60 days a year in the state

#72

Post by josho »

caseysoftware wrote: post #26

I'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…

Not a Californian, but what is the more that is being asked of?

Are you aware that top tax rates are a fraction of what they were decades ago? Perhaps, the more accurate lens to view things is that the wealthy/business has lobbied for less and less.

Re: California plan for wealth tax on anyone who spends 60 days a year in the state

#74

Post by DoofusOfDeath »

Can someone explain what the limitations are on a state's ability to levy taxes?

E.g., are there any Constitutional barriers to one state charging income tax on someone merely passing through?

Or, e.g., could CA tax the income of someone who is no longer a resident?

What mechanisms if any proscribe that kind of money grab?

Re: California plan for wealth tax on anyone who spends 60 days a year in the state

#76

Post by [deleted] »

syshum wrote: post #67
caseysoftware wrote: post #26

I'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%.....

[deleted]

Re: California plan for wealth tax on anyone who spends 60 days a year in the state

#77

Post by PragmaticPulp »

caseysoftware wrote: post #26

I'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…

> where did they think the money would come from?

There’s a growing misconception that everything can be paid for by simply taxing the wealthy a tiny bit more. Several prominent activist politicians have built their platforms on the idea that billionaires are an infinite source of consequence-free tax revenue.

These ideas are especially popular among the college students and new college grads I mentor. It usually falls apart when they pull out their calculators and realize that Jeff Bezos entire net worth wouldn’t come close to paying off everyone’s student loan debt or solving climate change.

Meanwhile, completely false Tweets about how Jeff Bezos is about to become a trillionaire or how he could simply solve the entire student loan crisis himself gain 100,000s of likes, some of them from prominent politicians or their campaign managers. People don’t care about the facts right now.

Frankly, many people don’t really care if this solves anything or if second-order consequences result in a net decrease in tax revenue due to people simply moving (as is the case with some wealth taxes in other countries). For many, this is more about punishing their bad guys than generating tax revenue to accomplish something.

Re: California plan for wealth tax on anyone who spends 60 days a year in the state

#78

Post by ceejayoz »

eatbitseveryday wrote: post #70
jhfdbkofdcho wrote: post #60

Earlier quoted context omitted.

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?

The right to return and still be eligible for things like Social Security and Medicare.

Re: California plan for wealth tax on anyone who spends 60 days a year in the state

#79

Post by throwaway98797 »

eatbitseveryday wrote: post #70
jhfdbkofdcho wrote: post #60

Earlier quoted context omitted.

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?

US embassies are in many countries.
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