Socialist Dystopia: California Considering This Insane Tax, Even For Those Who Have Left The State

Written By BlabberBuzz | Thursday, 26 January 2023 04:30 PM
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Socialist Dystopia: California Considering This Insane Tax, Even For Those Who Have Left The State

California is now considering a tax that wealthy people have to pay, including previous residents of the state that no longer live there.

The new bill would require that anyone with a worldwide net worth of at least $1 billion pay an additional 1.5% tax in addition to what they already pay. This would begin in 2024.

However, the new bill would continue to increase taxes for the wealthiest after that year. According to Fox News, “As early as 2026, the threshold for being taxed would drop: those with a worldwide net worth exceeding $50 million would be hit with a 1% annual tax on wealth, while billionaires would still be taxed 1.5%.”

However, this isn’t a tax on how much billionaires earn yearly like others are taxed. When it mentions worldwide net worth, this includes several assets a person owns—for example, hedge fund interests, art collections, collectibles, and stocks.

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Right now, most are required to pay taxes on dividends they earn from stocks but not the stocks themselves. That means they are required to pay taxes on the money they earn, just like the rest of America.

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California also wants to impose exit taxes. These are taxes on people after they have already moved out of state. For example, it would lay a contractual claim to a wealthy person’s assets and require them to pay taxes even if they move and can’t turn those assets into cash.

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California isn’t the only blue state that wants to tax the wealthy. According to Fox News, “California was one of several blue states last week to unveil bills to impose new wealth taxes. The other states were Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York, and Washington. Each state’s proposal contained a different tax approach, but they all centered around the same basic idea: the rich must pay more.”

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The belief is that the rich are hoarding their wealth by having assets, and it’s not fair that California has a budget deficit. So, California is going socialist. Instead of the wealthy paying taxes on everything they earn, which they do, they believe that the rich should have to pay for everything for everyone, even if they have to sell assets to do it.

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