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California Set To Pass The Nation's First Wealth Tax Targeting The Ultra Rich
The Dems' answer is to raise taxes ... this is not a measure that will increase production. This will over time continue a greater movement away from Calif. to other states and Countries. Wise up ... Vote for the return of Reganonomics ... Not Greater Taxation.
WSJ: So Long, California? Goodbye, Texas? Taxpayers Decide Some States Aren’t Worth It
Texas ranks among the states with the highest share of taxpayers who pay more than $10,000 in property taxes, according to the National Association of Home Builders.
I heard from friends in NYC that 'they' (some legislators either from NYC or in Albany, I'm not sure) were floating the idea of implementing some form of exit tax and/or expat surcharge for folks moving out of the area, similar to what you pay when you give up your citizenship and leave the country.
You're usually better than "I heard something from someone who thinks that ..." (To your credit, you clearly stated the sketchiness of this rumor.)
Let's ignore for the moment that such a tax would likely be unconstitutional, as the Constitution implicitly guarantees freedom of interstate travel.
Best guess is that this rumor is the result of conflating (and misreading) two (or more) different stories. One dates from a year ago, when MSM was making a big deal out of the fact that states are aggressive when it comes to saying who is a resident, and thus subject to state income taxes. For example, CNBC, March 8, 2019:
Barry Horowitz, a partner at the WithumSmith+Brown accounting firm [said] “New York has always been aggressive. But it’s getting worse.”
Stories of the wealthy counting the number of days they spend in New York and Florida to make sure they comply with the residency rules have been a staple of the New York and Palm Beach social circuit for decades. Conventional wisdom holds that if you’re out of New York State for 183 days, you don’t have to pay state taxes. But tax advisers say that while the number of days matter, the real test for auditors is “domicile” — being able to prove that a taxpayer’s permanent, primary home is in Florida rather than New York. The domicile test has become increasingly complicated as today’s migratory rich maintain four or five homes, and rarely spend much time in any one place.
Another story has to do with a current New York Senate bill (that's one house of the legislature in Albany) cosponsored by state Senators from NYC to Syracuse. It's currently sitting in committee. This legislation would alter the way income is defined for (119) billionaires, from realized gains to mark-to-market income. This would not be a wealth tax. And it certainly would not be an exit tax.
It's about time. According to the Fed, America's household net worth after deducting liabilities stood at $111 trillion at the end of the first quarter of 2020: https://federalreserve.gov/releases/z1/dataviz/z1/balance_sheet/chart/ Of that $111 trillion, the bottom 50% of the population in terms of wealth owned only $1.5 trillion: https://fred.stlouisfed.org/series/WFRBLB50107 Given the preponderance of California tech millionaires and billionaires, no place is more deserving of a wealth tax and I doubt many of them will even bat an eye at paying a few percentage points to be at the center of America's tech intelligence and enjoying the beautiful weather and landscapes of California.
Red states should ban the rich liberal scum from coming to their states...don't need them bringing that LIBERAL DISEASE with them & ruining well run red states.
Would those be the same "well-run red states" that thought that they were immune from the coronavirus "hoax", and are now paying the price with the dead bodies of their citizens?
@rsorden Liberal blue states should secede and watch red states devolve into bankrupt banana republics without blue state tax revenue propping them up.
Or maybe the liberal blue states could merge with Canada: for example, the three Pacific Coast states or the 6 New England states joined by NY NJ MD and DE. MN would be another possibility as well.
@carew388 Many in central-eastern and southeastern Michigan already speak the Ontario dialect. The Detroit-Windsor and Port Huron-Sarnia border crossings are heavily trafficked international points in the U.S. Canadian National RR owns the rail lines in Michigan. My trained eye traveling interstates here indicates at least 25% of the truck traffic I see has a Canadian province license plate and more during certain periods. Well........anyway
Looks like more high net worth tax payers will be leaving the number one GDP producing state.
[[zh crap here]]
The Dems' answer is to raise taxes ... this is not a measure that will increase production. This will over time continue a greater movement away from Calif. to other states and Countries. Wise up ... Vote for the return of Reganonomics ... Not Greater Taxation.
OS, Reagan was the beginning of all of this latest wave of destructiveness, not just the irrational and seductive hatred of government but the creditcard model for federal spending. What a evil bastard that man was, all while oozing his bigoted charm. And his greed economics was a disaster and a yuge jump to where we are as to inequality.
Comments
I heard from friends in NYC that 'they' (some legislators either from NYC or in Albany, I'm not sure) were floating the idea of implementing some form of exit tax and/or expat surcharge for folks moving out of the area, similar to what you pay when you give up your citizenship and leave the country.
(To your credit, you clearly stated the sketchiness of this rumor.)
Let's ignore for the moment that such a tax would likely be unconstitutional, as the Constitution implicitly guarantees freedom of interstate travel.
Best guess is that this rumor is the result of conflating (and misreading) two (or more) different stories. One dates from a year ago, when MSM was making a big deal out of the fact that states are aggressive when it comes to saying who is a resident, and thus subject to state income taxes. For example, CNBC, March 8, 2019: https://www.cnbc.com/2019/03/08/tax-collectors-chase-rich-new-yorkers-moving-to-low-tax-states.html
Another story has to do with a current New York Senate bill (that's one house of the legislature in Albany) cosponsored by state Senators from NYC to Syracuse. It's currently sitting in committee. This legislation would alter the way income is defined for (119) billionaires, from realized gains to mark-to-market income. This would not be a wealth tax. And it certainly would not be an exit tax.
Politico, July 30, 2020: https://www.politico.com/states/new-york/albany/story/2020/07/29/would-a-new-billionaires-tax-be-constitutional-1304177
Of that $111 trillion, the bottom 50% of the population in terms of wealth owned only $1.5 trillion: https://fred.stlouisfed.org/series/WFRBLB50107 Given the preponderance of California tech millionaires and billionaires, no place is more deserving of a wealth tax and I doubt many of them will even bat an eye at paying a few percentage points to be at the center of America's tech intelligence and enjoying the beautiful weather and landscapes of California.
Many in central-eastern and southeastern Michigan already speak the Ontario dialect. The Detroit-Windsor and Port Huron-Sarnia border crossings are heavily trafficked international points in the U.S.
Canadian National RR owns the rail lines in Michigan. My trained eye traveling interstates here indicates at least 25% of the truck traffic I see has a Canadian province license plate and more during certain periods.
Well........anyway
Reagan was the beginning of all of this latest wave of destructiveness, not just the irrational and seductive hatred of government but the creditcard model for federal spending. What a evil bastard that man was, all while oozing his bigoted charm. And his greed economics was a disaster and a yuge jump to where we are as to inequality.
But I suspect you know all of this in your heart.
Wise observation Old_Skeet, sir.
Absolutely incontrovertible. Proven time after time. "Trickle Down" works great too.