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Cavuto presses California assemblyman over wealth tax plan amid millionaire 'jailbreak' from Golden

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rangerrebew:
Cavuto presses California assemblyman over wealth tax plan amid millionaire 'jailbreak' from Golden State
Under plan, residents who leave state would still pay taxes for up to ten years
 

By Charles CreitzFOXBusiness
Proposed California wealth tax would impact millionaires even if they move out-of-state

California Assemblymember Rob Bonta (D) details a new proposed wealth tax that would continue to tax Californians for 10 years after they move out of the state.

Fox Business Network anchor Neil Cavuto questioned California State Assemblyman Rob Bonta on "Cavuto: Coast to Coast" Friday over his proposal to institute a 0.4% wealth tax on Golden State residents worth more than $30 million.

The Alameda Democrat told Cavuto the proposed tax "affects about 0.15% of the California population -- not the top 10%, not the top 1%, the top .15%, about 30,000 people" and would generate $7.5 billion in revenue for the state.

The host asked Bonta what will prevent the ultra-wealthy from continuing to "bolt" from California as taxes continue to rise.

https://www.foxbusiness.com/fbntv/neil-cavuto-california-rob-bonta-wealth-tax

rangerrebew:
If it affects one person, it is a bad tax. 9999hair out0000

PeteS in CA:

--- Quote ---The Alameda Democrat told Cavuto the proposed tax "affects about 0.15% of the California population -- not the top 10%, not the top 1%, the top .15%, about 30,000 people" and would generate $7.5 billion in revenue for the state.
--- End quote ---

That the theft affects a tiny % of a community does not justify the theft.

Those who would be affected right now (the number affected and the % of the theft will grow in a year or three) are the people in California most able to pull up stakes and leave. If the amount stolen is as much as a half of what Bonta claim I'll be surprised. His district includes Oakland, Alameda, and San Leandro, so its among the more loony-Prog districts in California.

catfish1957:
I actually find this pretty funny.

Say I was a Californian, and left with all my assets  to another state.  Under what legal authority, could they confiscate in the destination state?  I guess technically they file a lien for back taxes owed, but even that would be a joke and a logistics followup nightmare on behalf of the stupid state trying.  And allowing the IRS to infer satellite powers to enforce?  That'd be a 10A battle royale.

DB:

--- Quote from: PeteS in CA on August 15, 2020, 04:20:02 pm ---That the theft affects a tiny % of a community does not justify the theft.

Those who would be affected right now (the number affected and the % of the theft will grow in a year or three) are the people in California most able to pull up stakes and leave. If the amount stolen is as much as a half of what Bonta claim I'll be surprised. His district includes Oakland, Alameda, and San Leandro, so its among the more loony-Prog districts in California.

--- End quote ---

Taxes was the primary reason I moved out. And it was clear they were only going to demand more to pay for all their pet projects.

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