California wants to enact wealth tax of .4%

Does the state know residents net worth?
I lived in 5 different states and my investment and 401k always stayed with Northern Trust (Chicago company).
 
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Reminds me of what NY State tried to do in 1990, friend of a friend was a LIRR train conductor and they got into a possible land deal in N. Myrtle Beach,
but had to back out of the deal because the state was going to tax him on his pension as if he still lived in NY State.
Funny how the mega weathly say 'tax me more' but will not call their accountants to ETF the funds to the State Treasurer office.
 
12151791 said:
Does the state know residents net worth?
I lived in 5 different states and my investment and 401k always stayed with Northern Trust (Chicago company).
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I don't think they can attach any 401K or IRA investments but you know they will try their best to do it. Like Chief Eating Crow said... "come on, it's only two cents". I recall an Obama ranking official proposed to tax all retirement funds 1-2% to fund climate change and other nonsense.
 
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Button Pusher said:
Glad you bailed out years ago! I escaped from NY in 1990.
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As I watch the train wreck that’s California, I can’t help asking myself what would have been the straw to break the camel’s back were I still there. Would I have recognized the inevitable or would I have tolerated it. A boa constrictor doesn’t squeeze its victim to death. It wraps itself around and takes up the slack with each exhale.

I don’t know the answer to my own question. I’m just thrilled the decision was made for me 30 years ago.
 
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Button Pusher said:
I don't think they can attach any 401K or IRA investments but you know they will try their best to do it. Like Chief Eating Crow said... "come on, it's only two cents". I recall an Obama ranking official proposed to tax all retirement funds 1-2% to fund climate change and other nonsense.
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Let California burn. They keep electing these libtard idiots, they can wrap their libtard lips around it and suck the libtard consequences.
 
When you vote, be careful what your asking for.
I left Washington State because the Democrats got in power and my taxes rose 500%, and I was forced to leave because that was more than 15% of my yearly income, over 1 and a half months retirement pay.
You just can't live like that. But they don't care they just want power.
 
This is the exact opposite of what people on both sides said they wanted and what Trump promised to do in 2016.

Taxing wealth forces people with adequate resources to move their money, be it out of state or out of the country. Getting giant companies like Apple & google, or wealthy individuals to “pay their fair share of taxes” isn’t going to be accomplished by taxing the wealthy. It’s an extremely short sighted plan and an express lane to burning your tax base.

If the left is OK with paying more taxes, by all means, go right ahead. But don’t try to force your will on others.
 
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Quick math is that bringing in $7.5B from 30,400 people is a bit over $275k per person.

That tells me you are really relying on about 5,000 hyper wealthy people, which is a population who can leave easily and have the resources to tie up you BS 10 year tax plan in the courts for decades.

I say pass it. It will be fun to watch Silicon Valley relocate.
 
ES44AC said:
So how is it legal for them to tax you if you leave the state? Just doesn't seem Constitutional.
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The same Constitutional interpretation that made 11 round magazine owners into criminals.
 
serious question though - do the legislature people practice stretching to accomplish sticking their heads that far up their own butts, or do they get into a circular formation and put them up eachother's?

is it just a game? I understand that saying "we need to tax those millionaires!" gets the vote of the great jealous hordes... but everybody with money is already leaving california. are these politicians just trying to say the lie loudly for long enough that they can secure their own fortune before the state collapses?
 
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