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modestobulldog

Wealth Tax

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Gaining traction, not just in California.

https://www.cnbc.com/2020/09/17/economists-stiglitz-and-piketty-us-needs-a-wealth-tax.html

For California, you would owe it for 10 years after you leave.

https://www.forbes.com/sites/robertwood/2020/08/17/california-proposes-168-income-tax-rate-plus-4-wealth-tax/

Mr. Bonta has thought of this. His bill would tax ex-Californians for 10 years after they flee. Under this incredible scheme, they’d pay 90 percent of the tax the first year they left, 80 percent the second year and so on. Conversely, the wealth tax would phase up for newcomers, starting at 10 percent in year one and increasing by 10 percent a year. There are obvious constitutional issues about California trying to tax nonresidents for assets that aren’t even within its boundaries, but the Constitution is of little concern to progressives and their wealth confiscation schemes.

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2 minutes ago, bornontheblue said:

I don’t think owing a tax to California after you are no longer a resident  would hold up in court. It would quickly be challenged in Federal Court. Domicile has been very clearly defined In previous tax court cases. 

I think you are right; however, if country leans Democrat, courts may protect their bacon. 

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There are real problems in the United States. Wealth is increasingly being concentrated at the top, and the tax revenue that was generated from working professionals and the middle class will continue to decrease. Demographic shifts will put pressure on tax revenues as well as raise expenses. The only way that our system as currently constructed will sustain is with increased taxes. Collecting these taxes will be an issue however, because even if we have a government willing to enact them, technocrats will hide increasing amounts of wealth in digital token currencies. Who really knows how this shit will go down though.

 

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8 minutes ago, Los_Aztecas said:

There are real problems in the United States. Wealth is increasingly being concentrated at the top, and the tax revenue that was generated from working professionals and the middle class will continue to decrease. Demographic shifts will put pressure on tax revenues as well as raise expenses. The only way that our system as currently constructed will sustain is with increased taxes. Collecting these taxes will be an issue however, because even if we have a government willing to enact them, technocrats will hide increasing amounts of wealth in digital token currencies. Who really knows how this shit will go down though.

 

I am willing to consider supporting a tax increase however that is only a portion of the problem. The government pisses away billions  of dollars a daily in waste and nonsense. We need to go back to what balanced the budget in the late 90s which was a PAYGO system. If you want to increase government funding for something cut it out if the budget somewhere else. 

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2 hours ago, bornontheblue said:

I don’t think owing a tax to California after you are no longer a resident  would hold up in court. It would quickly be challenged in Federal Court. Domicile has been very clearly defined In previous tax court cases. 

I hope you don't have any clients in California.  

https://www.forbes.com/sites/robertwood/2019/10/22/now-california-can-assess-taxes-no-matter-where-you-livereally/#58b89cc83e7f

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17 minutes ago, modestobulldog said:

Lots of clients from CA. Lots have moved away from CA. CA and NY are the worst state taxing agencies to deal with. They are horrible. 

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1 minute ago, bornontheblue said:

Lots of clients from CA. Lots have moved away from CA. CA and NY are the worst state taxing agencies to deal with. They are horrible. 

Lots of CA public employees move out of of CA after they retire and CA tried to go after them to tax their pension benefits even though they didn’t live there anymore. I believed the Supreme Court threw out their case. 

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3 hours ago, modestobulldog said:

Gaining traction, not just in California.

https://www.cnbc.com/2020/09/17/economists-stiglitz-and-piketty-us-needs-a-wealth-tax.html

For California, you would owe it for 10 years after you leave.

https://www.forbes.com/sites/robertwood/2020/08/17/california-proposes-168-income-tax-rate-plus-4-wealth-tax/

Mr. Bonta has thought of this. His bill would tax ex-Californians for 10 years after they flee. Under this incredible scheme, they’d pay 90 percent of the tax the first year they left, 80 percent the second year and so on. Conversely, the wealth tax would phase up for newcomers, starting at 10 percent in year one and increasing by 10 percent a year. There are obvious constitutional issues about California trying to tax nonresidents for assets that aren’t even within its boundaries, but the Constitution is of little concern to progressives and their wealth confiscation schemes.

I can’t see this holding up in court.  California can’t tax you on income earned outside of their borders. This is pretty well established in court already. 

thelawlorfaithful, on 31 Dec 2012 - 04:01 AM, said:One of the rules I live by: never underestimate a man in a dandy looking sweater

 

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I worked in California for several months on a temporary assignment coming home to Idaho for the weekend every two weeks. Cali IRS requested I  fill out a tax return for the money I earned while in California. I blew them off and declared the earnings in Idaho instead. For you accountants was I in violation of their tax code? I never heard from them again. 

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14 minutes ago, soupslam1 said:

I worked in California for several months on a temporary assignment coming home to Idaho for the weekend every two weeks. Cali IRS requested I  fill out a tax return for the money I earned while in California. I blew them off and declared the earnings in Idaho instead. For you accountants was I in violation of their tax code? I never heard from them again. 

You may be required to file a CA tax return but whatever tax you pay to CA you should get back as a credit on your ID tax return. 

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1 minute ago, bornontheblue said:

You may be required to file a CA tax return but whatever tax you pay to CA you should get back as a credit on your ID tax return. 

That was decades ago. I’m not even sure how they knew I was working in Cali unless my firm was required to report it. 

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53 minutes ago, soupslam1 said:

I worked in California for several months on a temporary assignment coming home to Idaho for the weekend every two weeks. Cali IRS requested I  fill out a tax return for the money I earned while in California. I blew them off and declared the earnings in Idaho instead. For you accountants was I in violation of their tax code? I never heard from them again. 

Yes

thelawlorfaithful, on 31 Dec 2012 - 04:01 AM, said:One of the rules I live by: never underestimate a man in a dandy looking sweater

 

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