They're coming for you, Ben!

[K Frame]

You only thought you got out of California...

Can't see how this is Constitutional, but hey, that's never stopped those aholes in California before.

https://www.foxnews.com/politics/california-democrats-consider-wealth-tax-people-moved-out-state

[WLJ]

You can check out any time you like
But you can never leave"

[Ben]

Yeah, it looks like they are embracing what the CA DMV already does. 

[MechAg94]

Ben must have a lot more money than we thought.

As early as 2026, the threshold for being taxed would drop: those with a worldwide net worth exceeding $50 million would be hit with a 1% annual tax on wealth, while billionaires would still be taxed 1.5%.

"The working class has shouldered the tax burden for too long," Lee wrote in a tweet. "The ultra-rich are paying little to nothing by hoarding their wealth through assets. Time to end that."

I am sure the lack of taxes from the rich would have nothing at all to do with tax loopholes and shelters carved out by politicians like Newsome. 

If they start trying to tax citizens in other states, I figure the other state AG's are going to start filing federal lawsuits.  They would be better off trying to tax assets in California owned by out of state people.

[MechAg94]

I guess it would be pointless to ask them to simply spend less money. 

"The proposed California wealth tax would be economically destructive, challenging to administer and would drive many wealthy residents — and all their current tax payments — out of state," Jared Walczak, vice president of state projects at Tax Foundation, told Fox News Digital. "The bill sets aside as much as $660 million per year just for administrative costs, more than $40,000 per prospective taxpayer, giving an idea of how difficult such a tax would be to administer."

Gotta pay for enforcement and more govt drones watch porn all day.

[dogmush]

What does CA think the enforcement mechanism is on this?

[Ben]

What does CA think the enforcement mechanism is on this?

When they came after me for DMV registration, their enforcement mechanism was that stupid "DMV consortium", for want of a better term. It's the agreement between DMVs in multiple states that, if for example, you (supposedly) owe fees in CA, they can essentially blacklist you and the DMV in your state will suspend your license and come after you to collect the CA fees.

I don't know what kind of enforcement mechanism they would have for this latest crap, but I know that the defense mechanisms that the people in the targeted income level have are called "teams of CPAs and lawyers".

[Brad Johnson]

Wouldn't be surprised to see economic refugee states (Texas, Florida, et al) coming out with "We are severing reciprocal tax/fee enforcements agreement with CA DMV/Tax Authority/etc." as part of their business & economic marketing strategy. They're already capitalizing on CA's economic lunacy, why not take it to the next level?

Brad

[Northwoods]

Taxing people on wealth is utterly immoral and offensive.  As is taxing them on income, inheritance, property ownership, etc.

The least offensive tax is a retail sales tax. 

[RoadKingLarry]

Taxed when you earn it.
Taxed when you spend it.
Taxed when you keep it.
Taxed when you die.
 

[Bogie]

All they are about is their "upper" class, and the taking class, who they buy votes from to stay in office.
 
And they are sure that nobody is gonna start shooting.