It’s not your stuff, has little meaning for blue state governors and legislatures. That’s why, according to FOX news, “California lawmakers are pushing legislation that would impose a new tax on the state’s wealthiest residents — even if they’ve already moved to another part of the country. Assemblyman Alex Lee, a progressive Democrat, last week introduced a bill in the California State Legislature that would impose an extra annual 1.5% tax on those with a ‘worldwide net worth’ above $1 billion, starting as early as January 2024.”
Some lower to moderate income people may at first support such a “tax on the wealthy.” But inevitably, those taxes will burden all productive people. Americans learned this with the federal income tax. According to the American Institute for Economic Research (AIER), “The original 1913 income tax topped out at only 7 percent, assessed against all income above $500,000.” By 1917 the peak was 77 percent on income above $ 1 million and by 1925 it was “25 percent on incomes above $100,000….” As everyone knows, it now applies to much more of the population.
Democrat-run states like “Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York, and Washington” are all proposing increases in “wealth taxes.” But California’s scheme pushes it even further. They not only want to tax the wealthy, but they also want to tax them even if they’ve fled California to a free state like Florida, Texas, or South Dakota.
Just the News reported, “The tax will apply to every resident, regardless of whether they are in the state part-time or temporarily. It will also allow the state to pursue wealth taxes from former residents who built their wealth in California but moved. For those who move out of state and do not plan on returning, the wealth tax will be slowly decreased over several years ‘based on the percentage of days in the year the taxpayer was present in the state plus the years of residence over the three previous taxable years,’ the bill states.”
California’s Democrat political leaders act as if the state belongs exclusively to them, not the people. If someone comes to California and does well financially, but irresponsible politicians wreck the state so people want to leave, that’s not the people’s fault—it’s the politicians.
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