But back to the Wealth Tax... if California (Commifornia) wants to empty their state of the affluent business owners (and their companies), this is exactly how you do it. I'd watch to see how California companies start to move their money to out of state banks. Sounds like the California utopians (and their government) are dumb enough to think the populous will just bend over and take it. I'll bet they are wrong.

If I'm one of these rich Californians, I'm moving to Idaho and not looking back.

YouBet said:

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If I'm one of these rich Californians, I'm moving to Idaho and not looking back.

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But what about your ocean side mansion? You won't get that in boring ID.

Say one's a multi-, multi-millionaire or multi-billionaire and possess a vintage Lamborghini Miura or Ferrari 288 GTO or a Jackson Pollak painting or a post Revolutionary war silver and gold coin collection ea. worth millions upin millions... then the state comes along and values them like a house and says ... cut us a check for 5% of it all.

Effectively charging you a fee for possessing these items. Ultimately never really owning anything of value.

And the govt. is claiming it will be a one-time tax?!

Right.

Get the heck out of Cali. while you can... before Sacramento results to charging an exit fee.

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Get the heck out of Cali. while you can... before Sacramento results to charging an exit fee.

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Pretty sure they already tried this to where they can still tax you if you try to leave. Didn't pass but they'll keep trying especially for this

Maroon Dawn said:

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Quote:

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Get the heck out of Cali. while you can... before Sacramento results to charging an exit fee.

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Pretty sure they already tried this to where they can still tax you if you try to leave. Didn't pass but they'll keep trying especially for this

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They did and I wouldn't pay it. That would be a "come at me" moment.

FTR, I think Gavin has said he won't sign a wealth tax.

Really surprised they haven't tried to tie people who own vacation homes in California to their tax schemes.

So instead of having to live their over 1/2 of the year to pay state income tax, they try to argue that anyone who owns property there should have to pay in.

Or maybe have a tax specifically for second homes.

Seems like that would be the first thing they would go after, and easy sell to "tax the rich" or people that just drive up real estate prices and don't even live in the state.

T dizl televizl said:

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Really surprised they haven't tried to tie people who own vacation homes in California to their tax schemes.

So instead of having to live their over 1/2 of the year to pay state income tax, they try to argue that anyone who owns property there should have to pay in.

Or maybe have a tax specifically for second homes.

Seems like that would be the first thing they would go after, and easy sell to "tax the rich" or people that just drive up real estate prices and don't even live in the state.

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I believe Florida is proposing this right now.

ktownag08 said:

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I can't wait to watch this unfold. Attempting to do this to your most autonomous and powerful group of citizens isn't going to end like they think it is.

Please proceed California!

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You know there will be exemptions and those will be liberal donors.

"You can fully deduct any donations to the Gavin Newsome election fund from your wealth tax bill!" -Probably

Didn't CA already put an additional sales tax on real estate sold over like $3mm?

Tax the rich… feed the poor… til there are no rich no more ( in California anyway).

This should give the celebrities that lecture us all a chance to contribute their fair share. I mean none of them would leave as a result of this, right?