https://www.foxnews.com/opinion/thinking-moving-your-blue-state-may-soon-charge-you-exit-tax
Anyway the immediate effect is to put wealthy people on notice. Don't even think about moving to Kalifornia. It's like the hotel. You can check in but you can never leave.
As usual unforeseen consequences will come about because of this. You might see people find loopholes to "lose" their wealth before moving, or some interesting court cases.Quote:
California already has cities that include "mansion taxes" for sales of real estate properties. This is why you've seen so many wealthy people move to Nevada. Business owners often tell me that California is one of the of the most difficult states to do business in right now.
With all these factors, many people who have built up their wealth are now thinking the Golden State isn't so golden anymore.
So, how does California attempt to solve their massive deficit problem and create a new tax scheme that other broke blue states are likely to follow? They create an EXIT TAX for those who want to move from the state.
…
The exit tax is 0.4% of an individual's net worth over $30 million in a tax year, no matter where it's located -- within California, other states within the U.S. or overseas. This amount is halved to $15 million if a married taxpayer files a separate return to their spouse. This EXIT TAX follows you to another state for up to 10 years.
Anyway the immediate effect is to put wealthy people on notice. Don't even think about moving to Kalifornia. It's like the hotel. You can check in but you can never leave.
I think that, to be very honest with you, I do believe that we should have rightly believed, but we certainly believe that certain issues are just settled.
- Kamala Harris
Vote for Trump.
He took a bullet for America.
- Kamala Harris
Vote for Trump.
He took a bullet for America.