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