The legislation is a modified version of a wealth tax approved in the California Assembly in 2020, which the Democrat-led state Senate declined to pass.to impose wealth taxes on residents even years after they left the state and moved elsewhere.
According to Lee, the tax would affect 0.1% of California households and generate an additional $21.6 billion in state revenue, which would go to the state general fund. California hasAdvocates argue that the money could boost funding for schools, housing and other social programs. Perhaps more importantly, however, Lee hopes it could help address California's massive $22.5 billion budget deficit.
"It brings significant administrative challenges with respect to asset and liability valuation, high and distortionary effective rates, among other problems that make it an inefficient revenue source," Gordon Gray, director of fiscal policy at the American Action Forum, told Fox New Digital.
Yeah tax the rich but what the hell you can’t tax people that moved out of california
This is not funny. The people being taxed are relocating to good states and voting for the same people who ruined their state. This extra tax will accelerate that.
🙄
How about taxing GavinNewsom and his aunt SpeakerPelosi because we know they’re definitely not paying their fair share with all the fancy dinners and ice creams they been having… JustSaying
Same state that wanted to spend 2 million dollars to build a 1 stall public restroom😂
And he thinks this is going to end well for the state. The wealthy will leave and go to red states like FL or TX, and all that will be left in Cali, is low life leeches sucking the state dry.
JamieRJN How about taxing people who have never lived there but just thought about moving there at one point?
Yes please! We can’t wait
That bad, eh?
Maybe the California Statehouse needs this, too!!
Count dracula
GOOD LET HIM KEEP IT UP
Lmao. He thinks he is president of the US. 🤣
Sound like unconstitutional commie bullshit to me, keep voting for these frauds!
Sounds unconstitutional
This is just a sign of how desperate things are getting there.
Another Delusional inept politician. Comifornians keep voting for him despite the fact he's a dumpster fire ruining the state.
How about including Putin?
We need to get real serious in California… we need to tax all Americans living in the other States, as well as all Mexican and Central Americans as well…
Come and get it
Taxes, taxes, and more taxes 🙄🙄🙄
segmentum1 Uhh...not sounding terribly constitutional but such concerns don't bother Democrats.
Democrats are strait up evil and desperate for money.
Unconstitutional sorry fuck yards
That ain’t right! That’s outright stealing.
How does anyone vote for these tyrants…
Just when you think things here can’t get any more insane… After giving away billions in “inflation” checks during the election, & now facing a huge deficit, Democrat/Marxists want to tax the super rich on asserts which have already been taxed & have not even been realized yet!
Great idea - for driving more people from the state. the top .5% of earners already pay nearly 40% of taxes in the state. State lost 1.5M people last year and speculating that many left due to tax/political environment. Wonder how many were in this top bracket?
Say What? There’s a reason why they move!
What about for the blacks you plan on giving 5mil too each lol
😂😂😂😂 you said California, now there's a joke.
Good luck!
Hell yes raise taxes on the corporations. Watch them all move to other states. Again unconstitutional, taxing people for exercising their rights to go to another state. Is not what I call freedom. Forcing people to live in a unaffordable shit hole you made of that state.
Going to be tough going if they are no longer residents and no longer own property in California. This is a quick way of having corporations AND their owners leaving.
3Starstupid
Evil