The Briefing Room

State Chapters => California => Topic started by: mystery-ak on January 24, 2023, 02:06:22 am

Title: California Democrats plot to tax people who fled to red states
Post by: mystery-ak on January 24, 2023, 02:06:22 am

 January 23, 2023 8:09pm EST
California Democrats consider wealth tax — including for people who moved out of state
Several Democrat-led states introduced similar measures in effort to tax rich even more
By Aaron Kliegman | Fox News

California lawmakers are pushing legislation that would impose a new tax on the state's wealthiest residents — even if they've already moved to another part of the country.

Assemblyman Alex Lee, a progressive Democrat, last week introduced a bill in the California State Legislature that would impose an extra annual 1.5% tax on those with a "worldwide net worth" above $1 billion, starting as early as January 2024.

As early as 2026, the threshold for being taxed would drop: those with a worldwide net worth exceeding $50 million would be hit with a 1% annual tax on wealth, while billionaires would still be taxed 1.5%.

Worldwide wealth extends beyond annual income to include diverse holdings such as farm assets, arts and other collectibles, and stocks and hedge fund interest.

more
https://www.foxnews.com/politics/california-democrats-consider-wealth-tax-people-moved-out-state

Title: Re: California Democrats plot to tax people who fled to red states
Post by: Texas Yellow Rose on January 24, 2023, 02:23:24 am

Quote from: mystery-ak on January 24, 2023, 02:06:22 am

January 23, 2023 8:09pm EST
California Democrats consider wealth tax — including for people who moved out of state
Several Democrat-led states introduced similar measures in effort to tax rich even more
By Aaron Kliegman | Fox News

.....

Assemblyman Alex Lee, a progressive Democrat Communist, last week introduced a bill in the California State Legislature that would impose an extra annual 1.5% tax on those with a "worldwide net worth" above $1 billion, starting as early as January 2024.

Fixed it!

Title: Re: California Democrats plot to tax people who fled to red states
Post by: Hoodat on January 24, 2023, 03:00:47 am

California State Constitution

Article 1, Section 9

A bill of attainder, ex post facto law, or law impairing the obligation of contracts may not be passed.

Title: Re: California Democrats plot to tax people who fled to red states
Post by: Kamaji on January 24, 2023, 10:01:15 am

Quote from: Hoodat on January 24, 2023, 03:00:47 am

California State Constitution

Article 1, Section 9

A bill of attainder, ex post facto law, or law impairing the obligation of contracts may not be passed.

And how does that relate to a net wealth tax?