Whether you’ve earned your wealth in the state or not is of no consequence to Democrats who believe in the power and province of the government.
The California Democrat Marxists believe that all money is the government’s money. In their beneficence, they might let you keep some of it. For example, California plans to level a killer tax on rich people who dare move out of the state, probably to escape the taxes.
Fox Business anchor Neil Cavuto questioned California State Assemblyman Rob Bonta on “Cavuto: Coast to Coast” Friday over his proposal to institute a 0.4% wealth tax on Golden State residents worth more than $30 million.
The Alameda Democrat told Cavuto the proposed tax “affects about 0.15% of the California population — not the top 10%, not the top 1%, the top .15%, about 30,000 people” and would generate $7.5 billion in revenue for the state.
RICH, GET THE HELL OUT OF CALI BEFORE THIS BILL PASSES
Bonta defended the grand theft by saying, “In California, we’ve had taxes on millionaires in the past. We raised taxes in 2012 by 3% — and the number of millionaires and billionaires in California has grown. We have 25% of the nation’s billionaires, 17% of the millionaires, those numbers are up and we’ve grown to be the fifth-largest economy in the world. So, while worthy of consideration it has not panned out.”
The first thing Marxists do when they take over countries is level wealth taxes.
Bonta added that his proposal would apply a “phased-in approach” to make sure Sacramento recoups its share of the income of a California resident who leaves the state.
“If you move in Year One, 90% of the tax bill applies…” he said, adding that the following year it drops to 80% and so on until it is phased out to zero.
If the wealthy acquired the wealth in another state, the same thing happens
If someone acquired their wealth in another state, they still have to pay the taxes for ten years when they move into the state.
Bonta said people will continue to move in because “it’s California.” We have education, Silicon Valley, blah, blah, blah. He added that people aren’t leaving. Bonta claimed George Soros and others said, “tax me more,” and it’s “patriotic to do this, it’s fair to do this.”
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