Platinum Contributing Member Highmark Posted August 20, 2020 Platinum Contributing Member Share Posted August 20, 2020 https://www.bizjournals.com/sanfrancisco/news/2020/08/18/will-affluent-residents-leaving-california-still-h.html California’s proposed wealth tax includes an unusual twist — the tax would apply to former residents for 10 years. The pace of departures among California’s wealthy may have reached the point that lawmakers anticipate a rush to the exits if they adopt a first-in-the-nation wealth tax that’s projected to raise $7.5 billion annually from about 30,000 residents. The proposed wealth tax would charge a rate of 0.4% on net worth above $30 million. As proposed, AB 2088 would tax former Californians 90% of their in-state levy in the first year after they leave the state, 80% in the second year until phasing out completely over a decade, the bill’s author, Assemblymember Rob Bonta, D-Oakland, told Fox Business Network anchor Neil Cavuto on Aug. 14. Cavuto captured the likely mood of many wealthy Californians when he told Bonta, “Wait, whoa, whoa, whoa, whoa. Are you saying that after they move, they’ve left, you are still taxing them? They’re no longer California residents, you can’t legally do that.” Bonta sees things differently. “For 10 years, the wealth was accumulated during their time in California … and that is what we’re proposing in our bill. We believe that we can do that,” Bonta said. A summary of the wealth tax bill points out that the number of California millionaires and billionaires has climbed even after the state adopted the nation’s highest individual income tax rate of 13.3%. (California lawmakers are now considering raising that top rate to 16.8%.) “Sounds like they’d be prisoners of California,” Cavuto said of the plan to tax former California residents. “It hasn’t been just an exodus, it’s been a jailbreak.” 1 Quote Link to comment Share on other sites More sharing options...
racer254 Posted August 20, 2020 Share Posted August 20, 2020 Well, seems California liberal are really starting to lose it. Quote Link to comment Share on other sites More sharing options...
Gold Member Kivalo Posted August 20, 2020 Gold Member Share Posted August 20, 2020 Retarded. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted August 20, 2020 Share Posted August 20, 2020 California dreaming anyone? Quote Link to comment Share on other sites More sharing options...
SSFB Posted August 20, 2020 Share Posted August 20, 2020 Unreal Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted August 20, 2020 Share Posted August 20, 2020 They'll manage to fuck it up somehow with exemptions. Quote Link to comment Share on other sites More sharing options...
Legend Posted August 20, 2020 Share Posted August 20, 2020 Fuck yeah!! Maybe they'll stay there. 1 Quote Link to comment Share on other sites More sharing options...
Fireball 440 Posted August 21, 2020 Share Posted August 21, 2020 The other 49 should add taxes to people coming from California. That should force em to stay in California. 5 1 Quote Link to comment Share on other sites More sharing options...
irv Posted August 21, 2020 Share Posted August 21, 2020 4 minutes ago, Fireball 440 said: The other 49 should add taxes to people coming from California. That should force em to stay in California. That's a great idea. Quote Link to comment Share on other sites More sharing options...
Snake Posted August 21, 2020 Share Posted August 21, 2020 37 minutes ago, Fireball 440 said: The other 49 should add taxes to people coming from California. That should force em to stay in California. It should be called the 'Leave your stupid voting habits where you came from' tax. 2 2 Quote Link to comment Share on other sites More sharing options...
irv Posted August 21, 2020 Share Posted August 21, 2020 4 minutes ago, Snake said: It should be called the 'Leave your stupid voting habits where you came from' tax. Isn't/wasn't there a sign in Texas that basically said remember the state you came from and remember why you decided to move? I believe it was posted here but I have no idea if it was real? 1 Quote Link to comment Share on other sites More sharing options...
Mikeadoo Posted August 21, 2020 Share Posted August 21, 2020 3 hours ago, Fireball 440 said: The other 49 should add taxes to people coming from California. That should force em to stay in California. EXACTLY!! Those fuckers are absolutely ruining our once peaceful area. They come rolling in, driving home prices through the roof with their over asking price cash offers because it is so "wonderful" here. The next week, they are trying to gate our neighborhood parks so only the "locals" (them suddenly included) have access. If they want all those HOA rules and regs, they should buy a piece of property where they already exist. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted August 21, 2020 Share Posted August 21, 2020 6 hours ago, Mikeadoo said: EXACTLY!! Those fuckers are absolutely ruining our once peaceful area. They come rolling in, driving home prices through the roof with their over asking price cash offers because it is so "wonderful" here. The next week, they are trying to gate our neighborhood parks so only the "locals" (them suddenly included) have access. If they want all those HOA rules and regs, they should buy a piece of property where they already exist. White people Quote Link to comment Share on other sites More sharing options...
Fireball 440 Posted August 21, 2020 Share Posted August 21, 2020 34 minutes ago, spin_dry said: White people You spelled "liberals" wrong. 2 1 Quote Link to comment Share on other sites More sharing options...
spin_dry Posted August 21, 2020 Share Posted August 21, 2020 15 minutes ago, Fireball 440 said: You spelled "liberals" wrong. Rich white people coming to fuck up your economy. Quote Link to comment Share on other sites More sharing options...
Fireball 440 Posted August 21, 2020 Share Posted August 21, 2020 26 minutes ago, spin_dry said: Rich white people coming to fuck up your economy. You still spelled "liberals" wrong. 1 1 Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted August 21, 2020 Share Posted August 21, 2020 that would be a tremendous lawsuit. Supreme court worthy Quote Link to comment Share on other sites More sharing options...
f7ben Posted August 21, 2020 Share Posted August 21, 2020 The richest 1% in this country own 52% of the entire stock market and we just spent 7 trillion dollar making sure they got richer during a fucking depression Let’s tax the pieces if shit until they are broke and the light them on fire Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted August 21, 2020 Share Posted August 21, 2020 lets not forget the other 48% who are people liek you and i who need to rely on 401k and pensions which are invested in the markets to retire. It really benefits all but yes the rich get the majority so looking at a fairer way to tax them is fine. Cali already fucks them extremely hard. Quote Link to comment Share on other sites More sharing options...
f7ben Posted August 21, 2020 Share Posted August 21, 2020 1 minute ago, Angry ginger said: lets not forget the other 48% who are people liek you and i who need to rely on 401k and pensions which are invested in the markets to retire. It really benefits all but yes the rich get the majority so looking at a fairer way to tax them is fine. Cali already fucks them extremely hard. Quit making sense....I’m trying to eat the rich Quote Link to comment Share on other sites More sharing options...
spin_dry Posted August 21, 2020 Share Posted August 21, 2020 11 minutes ago, Angry ginger said: lets not forget the other 48% who are people liek you and i who need to rely on 401k and pensions which are invested in the markets to retire. It really benefits all but yes the rich get the majority so looking at a fairer way to tax them is fine. Cali already fucks them extremely hard. The difference being that the rich make rules which favors them with no consideration for guys like Ben. They need to get fucked even harder. IMHO. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted August 21, 2020 Share Posted August 21, 2020 33 minutes ago, f7ben said: The richest 1% in this country own 52% of the entire stock market and we just spent 7 trillion dollar making sure they got richer during a fucking depression Let’s tax the pieces if shit until they are broke and the light them on fire Wealth disparity is escalating rapidly. It’s being felt in the larger cities first. Soon it’ll come to small town America in earnest. Fun and games lay ahead. Quote Link to comment Share on other sites More sharing options...
f7ben Posted August 21, 2020 Share Posted August 21, 2020 1 minute ago, spin_dry said: Wealth disparity is escalating rapidly. It’s being felt in the larger cities first. Soon it’ll come to small town America in earnest. Fun and games lay ahead. Yup Quote Link to comment Share on other sites More sharing options...
Snake Posted August 21, 2020 Share Posted August 21, 2020 Gawd I wish life sucked harder. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted August 21, 2020 Share Posted August 21, 2020 8 minutes ago, spin_dry said: Wealth disparity is escalating rapidly. It’s being felt in the larger cities first. Soon it’ll come to small town America in earnest. Fun and games lay ahead. 6 minutes ago, f7ben said: Yup Can I ship you two a box of Kleenexes, each. My treat. Quote Link to comment Share on other sites More sharing options...
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