I hope this passes

TaxProf Blog: California Ballot Initiative to Impose 45% Income Tax, 55% Wealth Tax & 36%-54% Exit Tax: "Impose a one-time 55% wealth tax on assets exceeding $20 million held by a California resident or held in California by nonresident."

This is class warfare. Full stop, the end. If they pass this they'll be crippling their economy. Frankly anyone who's willing to endure this lunacy deserves it. In the comments someone asks if there's a line somewhere between a tax and simple seizure. I don't know taking more than half is not even remotely fair.

Comments

Paul Smith Jr. said…
What I found interesting is that they seem to understand that this will drive people out since they have the exit tax for people leaving the state.

But wouldn't that tax interfere with interstate commerce and therefore be unconstitutional?
9:58 AM
The Last Ephor said…
Exactly. The "exit tax" is to prevent you from legally taking your earnings out of the state. Rates like these encourage cheating. Look for a great many people to liquify their assets and move them before re-investing.
2:12 PM
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