California Lawmakers Want Wealth Tax That Will Follow Taxpayers When They Inevitably Move to Cheaper StatesNational File ^ | 12/24/2020 | Frank Salvato
As people leave the State of California in record numbers, Progressive lawmakers in that state are moving ahead with plans to enact a wealth tax that will tax a person’s net worth and even follow them out of state should they move.
Many businesses and wealthy executives are leaving the State of California because of an overreaching tax code that is bleeding the states population of their ability to accrue wealth. But that’s not stopping some state lawmakers from supporting a wealth tax proposal, even as a growing number of Californians are calling for Gov. Gavin Newsom (D), to be recalled.
The California legislature left the door open last session to enact a wealth tax proposal that would apply up to a 0.4 percent tax on the amount of a state resident’s net worth over $30 million dollars.
The bill, AB 2088, included wording that would make an individual or corporation who spent more than 60 days in California in any given year subject to some level of the wealth tax.
The degree to which a person’s wealth would be subject to the tax would be determined by the amount of time he or she spent in the state during the prior ten years.
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