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They only care about your baseball card collection if you earn an annual income greater than $30 million
So you can stop worrying.
For now. It's a test run to get a foot in the door for everyone. The feds already want to go after more than 600 dollars in transactions that include things like selling baseball cards. This will not stay a billionaire or millionaires tax. It will go across the board if it succeeds and passes legal challenges which hopefully it wont.
These politicians who whine and cry about wealthy folks and “greed” are sure being greedy in this regard, at least in terms of this exit tax. But, it’s Democrats, so that’s to be expected.
No they're not being greedy. It's tHe WeAltHy tHaT DoN't pAy ThEIr FaiR SHaRe!
Wow, no wonder my friend and her husband moved off to Scottsdale within last few years. Her life goal was to live at the ocean, but they’d probably fall in this $30m group, now it’s an ocean of sand.
If somehow this was legal (which I can't imagine it is) it would drive out all or most of the remaining rich people before it took effect and CA would finally collapse. Especially since it's the rich keeping this state propped up. Just look at how the budget was affected this year.
OR, maybe these rich idiots just resign themselves to living in CA the rest of their lives and it doesn't matter?
Courts overturned California's previous attempt to impose income taxes on ex-California residents. There is no way a wealth tax would extend to out-of-staters. It won't pass court muster.
I am not sure a wealth tax is constitutional, but who knows? Hasn't been ruled on yet as far as I know.
Yep.
Decades ago California's Franchise Tax Board try to go after some retired workers who had later moved to other states after spending all or much of their working lives in California........and they/the government lost in court.
If somehow this was legal (which I can't imagine it is) it would drive out all or most of the remaining rich people before it took effect and CA would finally collapse. Especially since it's the rich keeping this state propped up. Just look at how the budget was affected this year.
OR, maybe these rich idiots just resign themselves to living in CA the rest of their lives and it doesn't matter?
Or they just pay it like they do all the other unreasonable taxes and get used to it. At first it's shocking but then after a while it becomes the norm like the very high state income tax and sales taxes which many people don't even give a second thought, proven by how they continue to vote.
For now. It's a test run to get a foot in the door for everyone. The feds already want to go after more than 600 dollars in transactions that include things like selling baseball cards. This will not stay a billionaire or millionaires tax. It will go across the board if it succeeds and passes legal challenges which hopefully it wont.
I was only joking. But no, I don't think those kinds of tax laws will pass. One state has no way to come after you after you move.
A state cannot tax you on income you earned and paid taxes on in another state. I dont think CA will be able to change that tax cooperation law with 49 other states.
If the clueless, incompetent, and corrupt people running this state had their way, they would control every facet of your life. I'm not joking here. These people would take as much money as they could from you.
California's proposed wealth tax would include an exit tax on those that have moved out of the state.
Whatever happened to the Constitutional command that Congress has the power to regulate interstate commerce? Taxing someone if they do something is certainly regulating them, and taxing someone for leaving the state is regulating interstate commerce.
Is that why California has been trying BUT FAILING to impose this tax for several years?
For now. It's a test run to get a foot in the door for everyone. The feds already want to go after more than 600 dollars in transactions that include things like selling baseball cards. This will not stay a billionaire or millionaires tax. It will go across the board if it succeeds and passes legal challenges which hopefully it wont.
This 100%.
This is all a test run of a slight variation of Thomas Piketty's worldwide taxing authorities.
_________
And just like Bernie Sanders.................every speech starts with the evil of billionaires while in the details he wants to crush anyone with a job that pays well.
They only care about your baseball card collection if you earn an annual income greater than $30 million
So you can stop worrying.
And the AMT was only implemented to go after the rich people..remember that one ?
Before it ended the AMT was hitting people making 50K a year.
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