The California State Legislature is considering passing a “Wealth Tax” on any resident fleeing the state for another. It would last for ten years and levy taxes on the former residents on each of those years. The rationale they’re using is California “allowed” them to accumulate said wealth and therefore the state is entitled to a residual tax on it. I cannot see it surviving judicial challenge. It is telling on just how severe exodus from the former Golden State must be for the socialists to think they can leech onto their former residents.
More votes for Republicans. Just keep the stupid going dimocrats and watch your House seats go bye-bye.
That would only increase the incentive for more CA residents to flee the State! And how would the State of CA enforce it? Good luck with that one...
Seize any assets they have in California. My brother ran into something (not exactly similar) in Ardmore Oklahoma where the state taxed personal property every year. After the first year of that wake up call he trailered his boat and moved across the state line back into Texas. I just hope the California ex-pats don’t bring their liberal ideas like gun control and free cotton candy to Texas.
But once you leave the State as a Resident and take up Residence in another State it continues for 10 years? So you move from CA to NV - how is CA going to collect a wealth tax on you 5 years from now? Am I reading that right?
If you have any Real property they may seize that. Proper planning on the ex-pats part prevents pizz poor procedural garnishment.
