California Democrats propose a wealth tax which taxes you even after you leave the state

A group of state lawmakers on Thursday proposed a first-in-the-nation state wealth tax that would hit about 30,400 California residents and raise an estimated $7.5 billion for the general fund.

The tax rate would be 0.4% of net worth, excluding directly held real estate, that exceeds $30 million for single and joint filers and $15 million for married filing separately.

California is facing a big budget deficit because of the health and economic crisis brought on by the coronavirus, and we can t simply rely on austerity measures, to close it, said Rob Bonta, D-Oakland, lead author of AB2088. We must consider revenue generation. &

People subject to the wealth tax would report it to the Franchise Tax Board along with their income taxes. They would have to report all assets including stock in publicly and privately traded corporations; interests in partnerships, private equity or hedge funds; cash, bonds and savings accounts; mutual funds, futures and options; art and collectibles; offshore financial assets, pension funds, non-mortgage debt, real property and mortgage debt.

via hotair.com

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