California wealth tax

[Mik]

"Democratic legislators are proposing a wealth tax as an alternative to spending restraint."

https://www.msn.com/en-us/money/markets/california-s-wealth-tax-arrives/ar-AA1mIDQR?ocid=msedgdhp&pc=U531&cvid=c2da5621af4140cfbb25c8c912e108ab&ei=56

[George K]

You're gonna need a bigger U-Haul.

Is that even constitutional?

[Mik]

We have property tax, and that's essentially what this is.

Heck, they don't even have to move, just establish residency elsewhere. So for a billionaire they want to suck out another $15M a year. And how exactly does one establish the value at a point in time of an asset or a partnership?

The really crazy thing is it doesn't even fill 1/3 of the budget shortfall.

[Jolly]

AKA known as the Texas/Florida Migration Bill

[George K]

@Mik said in California wealth tax:

We have property tax, and that's essentially what this is.

Interesting point.

https://taxfoundation.org/blog/property-tax-wealth-tax/

Sounds like the difference is, basically, how they would be implemented and the fact that the asset has already been taxed.

[jon-nyc]

@George-K said in California wealth tax:

You're gonna need a bigger U-Haul.

Is that even constitutional?

I don’t know but all the arguments I hear about property taxes being unconstitutional apply to the federal government.

And municipalities already tax property - houses and in some states cars.

So I’m guessing yes.

[Copper]

Wouldn't this effectively reduce the value of all your wealth.

Your stocks, or any investment, would be worth less because of the tax on it.

Wouldn't the entire stock market be worth less because the government stole taxed it's share.

Is that intentional?

[89th]

@Jolly said in California wealth tax:

AKA known as the Texas/Florida Migration Bill

The truth