PreviewThe people shape their own destiny
-- either as free people or as slaves.

If they remain self-reliant, they stay free.
Unchecked, ever-expanding government power
-- destroys lives.

Government panacea is a defective idea.
Email our servants:

President
Representative
Senator

Wednesday, January 25, 2023

California government plans to tax non-residents

Violent growth of government controls and welfare in a Party government leads California $25 billion budget deficit.  The wealthy of California have seen their incomes decline, so the state has less to tax. The California government's cure is to tax people even harder [US 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 [Fox News].

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 [Just the News].

No comments: