Steve Forbes Warns About California's Massive Tax Proposal
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- เผยแพร่เมื่อ 12 ม.ค. 2024
- Steve Forbes warns about a proposed global wealth tax in California.
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Eventually, you run out of other people's money.
Eventually California will run out of people to tax because high income earners are already leaving in droves
@@geraltplisken1316Yes, they are headed to states like Texas to spread the disease of liberalism.
The power of socialism.
Not when you're buddies with the other commies in D.C.
Crazy thing CA has some of the highest taxes in the country and our economy in this one state is the 4th largest in the world......with nothing to show for it! No crazy awe inspiring infrastructure bullet trains 0 homeless.... nothing.
I remember a time when we were worried California would fall into the ocean, now we are hoping it will happen!
ca is on the pacific's tectonic plate. ca will one day be where alaska is though....few billion years.
Rich folks better get out this year while you can. Middle class are fleeing so fast Uhaul can’t meet demands- I am watching approaching 50% of all my old friends flee the state as soon as they can retire, many retiring early so they can get away from high crime, unrelenting homelessness, high gas ⛽️ ($5 per gallon) and energy (PG&E going up 22% this year) prices; and of course a Marxist racist compromised employment, housing, and criminal justice system. How people continue to vote Progressive is beyond me. Gavin loves China and cleans up SF for Ping’s visit to brag on climate change … while China builds TWO COAL PLANTS A WEEK. We are middle class, and anticipate moving out of Kahlifornya in 3 years (when spouse retiredls) if things don’t turn around soon (conservatives elected to reverse some of this craziness). Offering free sex change surgeries and support to NON-citizens whilst we have a $68 BILLION DOLLAR DEFICIT?!? The more tax payers leave the worse it will get
amen, Newsome 1st
So it's like Atlantis. Once a great civilian that destroyed itself and sank
@@tllama1560 not soon enough...
California would simply call it the 'Tax the Rich' bill and MILLIONS of Californians would vote for it in a heartbeat.
Not me or anyone I know
Yes they would californians are gullible like that thats how we got in to this mess just game goofy
funny how in 1979, the highest tax bracket was 70%, the top1% only tool 8% of the total US income compared to more than 25% today and the US debt was 30% of GDP compared to 110% today. Somehow, Reagan and the republicans made some people believe that trickle down economics was working. 40 years later after complete failure, some people still think that it works
I really hope not
And rich will be defined as over 25k a year…
I was the Trustee on my father’s accounts. He lived and died in NC. I lived in CA. They came after him for 3 years for unpaid taxes. After 3 years proving that he was under 24/7 care in NC (bills, hospitals, tax receipts, etc) they stopped trying to extract taxes from him. He hadn’t even visited the state in 20+ years! I worked in finance--had a case where a guy didn’t pay taxes for decades and all they did was to keep sending him “we really mean it this time pay up” letters-he proudly told me he had a storage unit full of these letters. He gave me over 30 of them!!! And yes he never paid them a dime despite working, earning $ and owning property in CA……what a farce!
That’s not possible..if he had property they would have placed a lien.
Cute story tho.
Thanks I needed that!
@@travelwithtony5767 actually there never was a lien…I was praying there was one so I could take action against him! If they had placed a lien he would have lost his securities licenses! Trust me 2 of us worked for months trying to find anything against this guy but no luck. He also never filed federal taxes…..said they were illegal and YES the IRS did the same NO ACTION. The guy shouldn’t have been allowed to handle other peoples money but failure by CA and the FEDS to place liens prevented me from doing what needed to be done….liens are reportable on FORM U4 and failure to do so results in losing that license. I am a former FINRA special examiner 20+ years.
All taxes are a farce. Hello.
All taxes are a farce. Hello.
As a Californian it feels like Gavin Newsome won’t be happy until there are no tax payers left in California !
as a conservative you are enraged that Newsom is going to pay the California's bills , arent you
Only the wealthy and the poor will remain and eventually the ones with money will be forced to support the poor.
@@4NickAderAs a democrat, you're just daft to the fact that these taxes are misused and stolen.
@@Sam-vb5oc- even those people are leaving in droves leaving the state with billions in deficits.
How many billionaires or people making over 50 million dollars do you know? I'm going to guess 0.
Great Britain tried this and they had what was called the great exodus of intellect. The meaning behind that is that rich people can live where they want and when they move they tend to take their businesses there intellectual property and their leadership with them.
and when M.Romney was running for Pres , he released his taxes. turns out I paid a higher % ( not total $ , % ) on my near exact mid income $50,000 than he did. simply not morally correct.
@@rickc661You need to up your game.
@@rickc661 You should know, no company pays taxes. They collect them.
Just another business expense, the company will make a profit no matter how many taxes they need to collect.
To your point, who cares about the tax code, the fu**ing government spends too much.
I can wfh or i as i call it work from anywhere. I traveled the world in "service to my country" and i can say now that i work in the provate sector, options exist. And i take full advantage of the tax code now.
Yes, the wealthy rich would move away do another place to avoid these taxes, ‘but’ they want an “exit tax” for people leaving California!!
Steve you had my vote when you were running. It was a fan of your 17%. I have finally left the state after 55+ years. It’s turned into a social experiment on the taxpayers dime always love listening to you, thank you for your content
The US supreme court would never allow these kinds of policies. If you're not a resident of that state it would be illegal and unconstitutional for them to tax you.
This kangaroo court is filled with right wing constitutionalists! They'd follow what the forefathers believed in to rule us now...and they weren't really supportive of income tax...
Itv would also mean a 3% tax on incomes above $800! I can almost hear all ya'all wail at the thought! 😅 Here so worked up on 1% after the first billion....tsk tsk tsk....
Don’t kid yourself.
They cannot tax you if you leave the state, once you leave after the tax year current they cannot do anything, courts have already said so.
Yeah we really need a nationwide wealth tax
@@SigFigNewtonthat sounds might socialist of you.
@@Dennis-ff2pf Not Sigs wealth, someone else's wealth.
@@gn4720 you do know the top 10% pay 80% of all the taxes bet you didn't know that.
Since when do commie politicians obey the law?
A penalty to dissuade people of wealth from living or visiting California… what could go wrong?
Leaves all the good places the the closed circle of Kings and Queens
China coming in to purchase more assets
Exactly right
California shouldn't do this... The federal government should and give it to the citizens. The greed at the top is strangling the rest of America
Don't worry, the middle class will pick up the tab for the lost revenue.
One more word out of Newsom an I'm packing up and moving out of California.!
Why wait?
Why are you still there?
Yea! Come on down to some southern hospitality & they will treat you right!?!?!?!?🤪🤑🤔🤑😝🤔😊.
To say that America is slowly going down the toilet would be an understatement.
Just saying - IF the tax increase did go thru, every politicians would be there making plans to spend all that new revenue.
Before you know it they will have made plans to spend 150% of the new taxes, and the cycle begins again.
Unlike Republicans who lower taxes and increase spending!
because i pay 2% more taxes in California im going to retire a real estate millionaire and move to your state to buy a Mansion and half dozen rentals
when you retire im going to demand you pay me my rent by the 6th
Raise taxes to line politician's pockets and pay off political allies.
Drive out taxpayers.
Tax revenue drops.
Raise new taxes to line politician's pockets and pay off political allies.
@@4NickAder billionaires always whine about taxes when they are literally taking the food out of children's mouths in Republican states.
@@sentientflower7891
regards !
Poor people have never employed anyone.
They also pay little or no tax.
The Rich Dodge taxes anyway they can. Loopholes
Everyone dodges taxes anyway they can. You do, I do and the Rich do. They key is if they tell the truth and obey the law. It is much more difficult for the rich to cheat on their Tax Return due to Third Party Reporting, such as Forms 1099 and W-2.
The Tax Code is filled with Loopholes which are set to benefit everyone. The poor in California can get a Renters Credit. The poor nationwide can get a credit on low wages.
The IRS and California keep each Tax Return secret but they release total and average information which consistently shows the Rich paying a higher tax per dollar than the lower income people.
@@gregorylyon1004
@@gregorylyon1004Poor baby! Are your feelings hurt?
There is an old saying which goes along the lines of 'if you want less of something - tax it'
So California can expect less wealth.
Had a friend in LA who's sister was doing poorly, she was a single mom, etc., and he had a nice house. SO he let her and the children live there while he moved into an apartment. He got taxed 100,000! There was an inane case I read about where a senior citizen invented some little thing that goes into all phones now. He became really rich and got taxed to the max so his lawyer said move to Vegas and he was hounded for years in Vegas!! Love your chan!
Wow. How, can you share more on what their case was? Sounds ridiculous.
This sounds fake as hell
If people ever have the choice of Newsom on a presidential ballot, they need to take a good hard look at what he's done (not for) but to California. The policies he's put forth and those he's supported has turned the once greatest state in the nation into a rats nest of crime, drugs, illegals and excess taxes. And he'd be more than happy to do the same for your state too.
The saddest part is he'll claim how great he's done and how well off Californians are from his admin.
@@chuckdawit What may be even sadder, is the fact that there are those whom will still buy into the lies he spews.
@@chuckdawit The Leftist media will push those lies and the ignorant Liberals will fall for what they are told 100%
What does this have to do with Newsom? He doesn’t support it and wouldn’t sign it into law. Why are you people so obsessed with him?
😡 AS A proud CA citizen...i'm tired of paying FEDERAL TAXES to give to WELFARE STATES LIKE TEXAS AND FLORIDA for the last 50 yrs! ITs time these states pay their own share and if they don't like it...WE OR THEY CAN LEAVE THE UNION!
I retired from CA govt.
then my landlord said she was gonna
Double my rent. I moved to Tx the next day.
I thought they had rent control and eviction moratorium in Commiefornia 🤣
Why can't you pay the rent since you got a pension from the government????
@@sfm45 They did away with rent control years ago.
@@gregorylyon1004 WHY pay DOUBLE ? THAT would be insane!
The California state motto ~ We never met a tax we didn't hike.
Thank you for keeping us informed.
Its the exact opposite of georgian tax. A tax that could serve california well, but no, they want to chase away their tax base while preserving high housing prices
Funny how states without income taxes are doing quite well.
That's because they have an industry covering the taxes. But how'd that work out for Kansas again?
@@id10t98 And Why do industries want to move to Tennessee?
However, your property taxes are likely drain the same amount from you
@@kdm28 Yet I pay far less in property taxes than I did in California.
@@kdm28name me a state that has personal income taxes but no property taxes. I'll wait. Most states have property, income and sales taxes
How dare those hard working, talented people actually succeed in life. They’re just asking for the Gubmint to punish them.
Its hard to leave a state tou grew up in but thats exactly what i did and ill never look back. Family, friends dont understand but now 7 years later theyre leaving too.
Taxation without Representation. We fought a war over that.
Sadly, California has more or less the government they voted for, and deserve. California is my home, and it is quite literally Enemy-occupied territory. But the People are Represented. Nobody foisted a Leftist on them as Governor, nobody had to cheat (much) to keep Nancy Pelosi in power for decaded.
When all the rich people leave, then what??
They could have recalled Newsom not too long ago, but did not.
You get what you vote for!
They had a recall on him, but like 2020, it was rigged, and gee, He's still the governor!
When all the rich people leave, more humane, less wealthy people will take their place like has always happened.
Of course, plenty of them living on the street.@@id10t98
Then the democrat will criticise the rich in other states and the media will back them up !
love how people think the voting system is still working.
Possibly the most important part of democracy is the ability to vote with your feet.
Pretty sure that if you move out of California, you don't need to pay any taxes levied after you move, and they have no legal jurisdiction to prosecute you once you're no longer a resident.
You Americans are lucky to live in a confederation where states compete on how to govern and tax. For American's it is an option to leave for Texas or Florida or something else. In Norway, those who are affected by wealth tax and do not want to be subject to this has to leave for another country like Switzerland, which by the way is not bad. Voting with your feet is an important part of the democratic process, especially for minorities and it is key to your succes.
what happened in norway?
Voting is a Joke in this Country, and From what I can see merely an illusion. They continue to get broader in their efforts of outright admitting to the nonsense with Several States in 2024 trying to openly Rig the Election with Executive action, so far State Supreme courts keep shutting it down, but its also an insight on how those in control feel about "Cheating" or "Rigged" elections, and by the looks of it they wouldn't pass on an opportunity if given.
@@deathpyre42 Norway has a wealth tax that has existed under successive governments, both left and right. The incumbent socialist government went to the election to raise the wealth tax, which was introduced after their election victory. Some Norwegians pay that tax with pleasure, while others are of the opinion that it is unfair. Since the increase in the wealth tax, there has been a wave of wealthy and enterprising Norwegians who have moved to Switzerland to avoid this tax, including one of Norway's richest men, Kjell Inge Røkke, who, by the way, made a commercial breakthrough in Seattle, not as a tech entrepreneur, but as an extremely skilled business/fisherman. Democracy is for the majority, my feeling is that the majority and the politicians forget to ask themselves "and then what?" when they make interventions like these. California should study what is happening elsewhere or alternatively simply "who is John Galt?". As I wrote at the beginning, Switzerland is not a bad alternative, as Switzerland is extremely democratic, has low taxes and is an extremely successful nation on many relevant parameters.
We decided in 1861-1865 that the US in not a confederation. At any rate, the type of federation we have is an evolving issue as some progressive states are leading the charge to socialist taxation. By no accident, these states are the most desperate for cash.
Edit: the trend toward deeply indebted states appears to be leading to an attempt a takeover of the federal authorities (a unitary system) to rescue them from bankruptcy.
@@stephenpowstinger733 I apologize for the wrong choice of word, but the US has a decentralized government structure, so it does not change the conclusion or the observations i made. It's a godsend to have it, please remember to appreciate it. Fight for what you believe in, but remember to keep the ability to forgive. The argument you make is the "pee your pants" argument and I agree. You can no longer sing about the country of the free and brave if you all become socialists.
What makes California think that they can go after somebody that has moved out of California to tax them
Desperation 😮
Communism.
Because the people VOTE for them.
Gavin Newsome.
Contempt.
My wife & I will move as soon as she retires. We will save $35😊k net per year in income, RMD and property taxes.
Plus we can't stand the dirt, homelessness, crime and mostly the impotent response.
"it ain't me, babe"
Thx Steve, always enjoy and value your insights and analysis. Stay well and keep'em coming.
em coming
Noosom is taking the lyrics from hotel California to heart, you can check out anytime you like but you can never leave!
They tried to recall the supreme leader, but too many woke voters
Woke voting 'machines' you mean.
Dude there had to been some corruption and cheating when it came to that vote. I Don’t know one person who likes Gavin newsom and he still one again. I drive Uber full time and go to school full time and I talk to lots of different people from different walks of life on a daily basis. In 2 years I haven’t heard anyone say anything good about newsom .
He cheated, then let his friends audit to find everything is ok.
Democrats count the votes, so....
That's right - too many woke voters who have been brainwashed, uninformed or misinformed, and uneducated.
I'd bet that there will be a tax exemption for current and past politicians who meet this criteria.
I flew in 92 to Texas and the ONLY thing I miss is the weather along the coast. Texas beats Cal everywhere else.
We could actually see businesses posting "we do not ship to or conduct business with California." These idiots in Sacramento could cause businesses to not in any way have a footprint in California.
Lol good luck not doing business with the 2nd largest economy on Earth. There's a reason the only people against this are billionaires.
Already happening- Kaliunicornia has its own AQMD that taxes & regulates the import of auto parts from other states. Needed a catalytic converter for my old Toyota. Over $500 here, $100 in Nevada or Arizona, same part but couldn't get it shipped. Same is true for chemicals & solvents. Some of the vendors we use just choose not to do business here anymore. Carles Jr/Hardies is no longer expanding in Ca., focusing on expansion in other states too. Etc.
Then the cap is lowered down to $50,000 over time and the rate goes to 30% as well. But before it passes, all the rich of the state just leave, taking 75% of tax state revenue with it.
...which is plenty reason to raise the taxes on those making less than $50,000. Right?
Only about a few thousand Californians pay the vast majority of State Income Tax. If they leave the tax collection really drops.
@@jameshudkins2210 Top 1 or 5% pay 75% of state income tax.
@@henkvandenbergh1301 It will get there. The minimum will come down and the tax rate will launch up. Remember state sales tax was about 3% in the 1930s and the state ran fine. Now it is 10.25% and the state is insolvent.
But the state SPENDING will NOT drop, so guess who'll have to start paying more? Illegals? Nope, they first have to pay of the cartels that brought them here. @@jameshudkins2210
No matter what the state of California does, it never seems to diminish their prosperity. I can understand why the politicians there believe they can literally do anything and get away with it.
If they tax you and you're no longer a resident isn't that taxation without representation? We fought a war over that.
60 years born and raised so ca. Left 2 years ago to a free state. Life has never been better.
which free state?
Did you leave California with a pension??
The worldwide tax would violate the interstate commerce clause and be struck down by the courts.
First you have to get past the courts set up by the politicians in California. Waste of money. Get out now.
Unfortunately wrong. Many states already tax income from outside of their states.
@@boerewors79 The US Supreme Court has explicitly ruled otherwise. In order for it to be taxed by states there has to be some nexus to the taxing state. For instance, if I am a seller in Texas and I sell to California , I can be forced to pay or withhold taxes to California and Texas. California touching assets owned outside of the state would very clearly violate that rule and be struck down.
@@jacobthompson6265 Agreed, but if the assets either originated in California or were bought with Californian proceeds, then you can establish nexus. I believe iNew Jersey was first to try this.
Also California taxes worldwide income, including that income from working outside of the state. They claim that if you previously lived there, that is sufficient to establish nexus. Massachusetts does something similar but on a smaller scale.
You've always been spot on with the flat tax
Lol!!!! The sheer FACT that real estate is not touched can NEVER pass
The people of California want the extreme taxes. They voted the people into office who do this.
Its LA and the bay area that vote for this crap. Rural California is conservative just out numbered and out voted. Time for State of Jefferson
They even voted for a tax increase referendum a few years ago IIRC
Exactly, Californians like the pain!
The blame is not the government, but the people who put them in. The people do not get this. Trying to get them out of office is no different than getting rid of roaches.@@alij5424
A lot of conservatives in California. Were just outnumbered by morons. The ones that want more taxes are probably not paying taxes.
Well it won't affect me. O yes it will and here's how.
High taxes in CA is already affecting you. How many companies have left the state. That's jobs and taxes gone.Higher taxes means many more will leave and at some point no matter what your income level is your taxes will go up.
If people move out, CA won't be able to tax them. It would be unconstitutional. What if all states did this wacky tax plan. There would be no way. I don't think the can do an exit tax, tax people living in another state.
WHY DO YOU VOTE THOSE PEOPLE IN OFFICE.
Like California cares about anything that is or isn’t Constitutional? Look at Newscum’s record. He blatantly signs laws that are unconstitutional because he knows the 9th Circuit will back him and it will take years of fighting them in the courts before it ever gets to SCOTUS to get overturned. By then the damage is already done and there is no saving any of it from disaster.
The problem is that when people move out of California, they bring their voting habits with them, because, oh my goodness, the way they VOTE has nothing to do with the problem. Kolorado has too many people from Kalifornia already.
I live in California and we did not vote these people into office and try to recall them. But I think we have a corrupt voting system here similar to Arizona and people just get installed like Joe Biden got installed. It's hard to break a corrupt system
Be very cautious of those minimum "wealth" limits. I remember when Clinton's millionaire tax suddenly applied to people who made $150,000
It's easy to "win" when they literally own the voting system. No ID required and boom, you survive your second recall. It's not us the voters, our votes don't matter here.
This is what happens when you spend too much of other people's money.
I was born and raised and lived my entire life in CA. My Dad passed in 2019 and left me over two and a half million dollars. I knew that I had to flee the state immediately and ended up in Nevada where I bought a new construction house for $490k. Property taxes an homeowners insurance are reasonable and there is no state income tax. I miss my beautiful home state sometimes but every time I read or hear about a new tax or ridiculous new law and all the issues with crime, homelessness, etc, I am more sure I made the right decision and I will never move back. I feel sorry for the one third or so of Californians who don’t agree with the woke liberal Democrat policies but are powerless to do anything about it. Until 2021, when I finally fled for good, I was one of them.
Good thing you dont need water to survive. Praise Jesus!
@@boristheamerican2938 Would Jesus really approve of snarky, unnecessary remarks ? Does your hypocrisy really reflect a positive light on your beliefs ?
@@boristheamerican2938Nevada has more water than California That's where California's water comes from
@@tharblin Nevada doesnt have any water to speak of. Were you homeschooled?
@@boristheamerican2938 Uh, have you heard of Hoover dam and Lake Mead? The lake is massive, it was created by damming the Colorado River, which is also the border between NV and AZ. Were you public schooled in the CA school system?
I like how Gavin cleaned up for his master, CHINA!
Comyfornia
@@patrickslomka2017 LOL
He thinks he has...
Gavin and trump have that in common
@@umbra9273Trump put tariffs on China, Newsom is a grifter like his Aunt Pelosi!
I don't blame the politicians, I blame the people that voted for and has keep them in power. I talk to so many who still attack Trump even though their house is financially burning right underneath them...all while not knowing why everything is so crappy.
No one has ever accused Liberals of being smart.
You believe the voting system is working as intended? People need to get out of the news feed and remember what happened just a few years ago. Dominion.
It's easy to "win" when they literally own the voting system.
They don't like Trump because he sends out Mean Tweets. Boo hoo.
It's terrorizing us Californians still living here. Just the gasoline alone is double the cost compared to New Jersey , and over than double compared to other states. It's so inhuman already the way Californians are being treated. Everything's super higher costs here than other states.
Unfortunately, California needs to vote republican, they will not. So they will continue to degrade. I am so sorry for them and you. May god bless you!
Plus you can crap on the street !
Blame Newsom, he running the show. Its his fault. Just like the country is BIDENS fault!!!!
Newsom is not the issue. It’s those the elected and re-elected him.
Umm, those that elected him are the new immigrants that came across the border, so in other words, the voters don't know squat about him other then he got them there.
When the state wants to run every aspect of your life. What is really bizarre is that there are people who actually vote for politicians like Newsome.
Ultimately the country and every state will just be split along party lines, with two separate administrations, one for normal people and one for leftists.
The difference between genius and ignorance is that genius has it's limits.
When you have a ship ruled by fools, the wisest take to the lifeboats.
Right now. In a lifeboat is the best place to be. The ship is definitely sinking. Lol
Another brilliant video. Thank you.
I always thought double taxation was illegal
Since wealth is what you have left after you pay taxes, isn't this a tax on tax.
some of the business taxes are based on what financial incentives the business revived from the state .That should be stated here . The biggest problem with paying taxes in CA is how the money is used . People dont mind paying for something that works, but thats not the case on CA .
Same for federal tax, it's not working for the people.
well spoken, thankyou Forbes, you have done well recently !!
We left California 26 years ago. They have, on three occasions - tried to tax us AGAIN on businesses that haven't existed since then! I haven't stepped-foot in California at all in 18 years, and then only at an airport. Alas, I guess I'll never see Yosemite.
In my country, in Europe, we taxed heavely the rich and the big profit companies. The result is we only have 3000 millionaries or above and the big companies had their headquarters moved to another country. It gave revenues inicially, but then, as they moved or dried, the holes in the budget stayed.
What did the politicians do then you may ask? They just determined how much they needed to cover the financial hole and increased taxes on everyone. Result? 42% of the population in poverty or dependent on welfare, emigration skyrocketed specially people with 18 to 40 years old, 33% of national women live out of the country, birthrate plummeted to be the worst in Europe, more pensioners than workers, only 0,8% GDP increase in 20 years, etc. You get the picture...
You seem to be describing life just before the French Revolution, not of course as barren and destitute and hopeless but with similiarities.
Please, which country?
@@theresa922, you literally did not read the comment you replied to.
@@SPECTORMANZ Portugal.
@@Encryptus1 Thank-you, I will watch some Videos about it.
Pity, when i left california i wished that i could have remained. But now i am seeing that it was a lucky escape
Los Angeles is already considering a congestion tax for cars on the freeways entering the city. So basically you need to pay to go to work.
This is one of the reasons I switched to the GOP last year. Too much !
You're going to have a lot of company.
I left in 2005 after the Real Estate Boom. It use to be a Paradise.
you know you are in a death spiral when these measures are seriously considered.
We left Californicate over forty years ago. Hope that is long enough.
Thank you for this report!
I've been making arrangements to leave California and will bring technology jobs with me.
And the bluest state has announced a budget with a 38 billion deficit.
@@StevenBazin-bp4sc👈wears the same brand of adult diapers as his hero Obiden does
Well in Minnesota we had roughly 18 billion dollars stolen from the tax payers or surplus as they like to call it and now are being told they need to raise taxes this year.
68 billion!!
Remember. . Pelosi., Harris, Watters, Schiff and Beccerra are commyfornians.. they will supplement the CZAR.
@@StevenBazin-bp4sc Don't tell somebody named Don about a sucker in California paying too much taxes? What did you mean exactly none of it makes sense to me somebody named Don in California doesn't need to know about a heavy deficit that Californians pay? I'm so confused.
I have multiple properties I own with assets well over a million I was able to purchase them over the last 35 plus years, But I make little money and make minimum wage at this point of my life. So if a wealth tax comes into play I will be forced to sell my property's to pay taxes on them. This is like theft I purchased the property's to live in and on and for the future of my family. This feels like theft, we say your are worth this much 2 million but we only make $40,000 a year for the entire household. We put every penny we made in have ZERO Debt, owing no one anything. Now a wealth TAX will come and take that away.
What about California's "exit tax"? And, how is it possible for California can tackle assest NOT within their jurisdiction?
The next governor in California will an absolute basket case. Count on it.
California already has an exit tax in place, and I will have to pay for the privilege of leaving the State of Confusion this year. I had a smaller rental house in an older, average neighborhood in San Diego. I rented it out, and so it was considered a business. I sold it, and made a rude gesture in the direction of Sacramento as I crossed the state border with Nevada. I took the money and bought a house to use as a rental in Utah, which is state I moved to. For the next 5 years, I will have to pay California income tax on the income I earn on the rental house in Utah. Yes, I know what I am talking about. My tax accountant explained it to me in great detail. I am not even a part time resident of California, but the reasoning is that I benefitted from the business market in California, and used the money to invest in another business elsewhere. Heaven help us all if Gov. Nuisance becomes President.
you only have yourself to blame if you pay that tax. California does not have the jurisdiction to tax you in another state, if you have no income from california.
Does that law only apply to CA or would it work the same way if you had sold your rental in UT and bought a new one in CA?
My CPA says that they do. I am hoping for a class action suit.@@StaccatoDDS
No, Utah does not have such a law. Only California. @@navigator487
California went broke paying lifetime pensions to retiree's. They owe billions of dollars in unfunded pension liabilities. Look it up on Google yourself
I lived in California in the 1970s and 1980s. I had no choice I was a minor. It took me a year after I turned 18 to leave the state.
My aunt has lived in California for decades. She's not rich by any stretch. The wealth tax is unfair. All citizens should pay their applicable taxes though and those that are multi billionaires should give to charities of their choice. It's the noble thing to do.
This is insane
Bravo, Steve! Well said!
Only exception being real estate means investment in real estate will spike even worse. Man these politicians know how to screw their people while handing out pieces of candy to placate them.
As a Californian, I must say I do not have a problem with a tax on income over $1b. Those with assets at this level are already some of the lowest taxed historically, so no tears shed here.
Also, with all these stories being hypothetical bills being reviewed, would much rather hear stories on what’s actually a law vs what any individual lawmaker may have proposed
Can you imagine the bureaucracy it would take to administer this? Oh wait..
Hire more SES (senior executive services) organized by obama. Once you hire them, you can't fire them. Federal!!!!
I have never been, nor will I ever visit California for any reason. It's more like North Korea than any other state.
This will basically kill off the startup culture in California. Why try to hit it big, only to have much of it taken away if one moves away? Better to create startups elsewhere!
I have heard the message, thank you kindly. On a side note. glad this is at 720p and the usual 480p/360p ☺
Wisconsin just gave a professional baseball team $300 million to maintain a stadium that they make money off of. While Milwaukee burns with crime! They also voted in a new local city and county tax and the politicians are voting for their own pay raise. Spending the money faster than it comes in.
My family left Wisconsin years ago, they saw the handwriting on the wall a decade ago, it’s the people who stay that are stupid
exact. the system is unbalanced - look at a graph of nat debt say from 1950 to 2020.... flat to ``980's. then sharply up, which CONTINUES. what happened in 1980's to so badly unbalance the system ? reaganomics.
Wtf are you talking about…24T in the last 8 years
Wtf are you talking about…24T in the last 8 years
@@thehonesttruth8808 You need to do some reading
I've lived in Southern Calif all my life. Housing and health care is what has gone up stressing affordability. Most California young adults leave for other more affordable locations as buying a home is out of reach ($1M for 1,200sf house). Wages have not kept up with one's ability to thrive here. What I see is a lot of 20 and 30 something kids living with their parents, sometimes married with their own kids; not good or healthy. Most older homeowners are ok as they locked in their property tax rate which limits PT increasing only 2% (based on tax, not appreciated value) My parents pay $1,100 a year, yes... a year, for a $1,200,000 home they purchased in early 1960s. The youth will find it difficult to prosper here.
On the good note, you can't beat the weather, the beaches, etc...
When I re-registered as a republican cali doubled my property tax ($ 3,700 a yr) for a $230k home and said 'if you don't like it
we'll take your home away' I pay $1,200 in Az now.
all crowded countries house people in high rises . yet americans push single family homes then complain they are not affordable.
Just a matter of time before they repeal prop 13. The'll campaign along the lines everybody needs to pay their fair share and it's for the kids/schools and the lemmings will follow. Left that state 2 years ago. Good riddance.
I and a sibling still own my parents $1.3M house near LA. Pay $1000 a year property tax. My nephew and his family live in it now. Many Boomers that inherit keep their parents' home because the taxes are grandfathered in. BTW, my parents built their house mid '50s for $19,000.
how is that possible@@mustangracer5124
A client of mine was a small law firm in dc. They had no dealings with California except for a remote employee. One employee living in CA doing clerical work. Well CA hit up the employer for unfiled tax returns triggered solely from the one employee, with large sums in penalties and interest. The State is ruthless. If your business is out of the State, do not hire anyone residing in California!
i run two things out of a storage unit ... never let them know where you are @.
Maybe they should lower their salaries and pensions…Now there’s an idea that would benefit most.
The cost of hiring an army of bureaucrats to administrate this unconstitutional scheme would consume any revenue generated. Few other states and countries would assist enforcement.
That's why they are letting third parties find you. Similar to a collection agency.
Of course they start off taxing the very wealthy, than it will eventually hit every income level.
Many of the wealthy, who pay perhaps 50% of the income taxes, will be gone, leaving the middle class to pay for the abundance of free stuffers.
In 2018, I rented a condo in Charleston, South Carolina. I started out paying my water bill according to my usage as a single person. Soon after the property manager decided that the water usage of all the condos within the same building would be divided up evenly.
What that means is a single person was paying for others water bill. Not justified. It's stealing.
Thank You Steve
Thank you Steve!
My question is, what are they going to do if you don't pay the tax? Possibly cease your home or assets? But what if you already left California and don't pay the tax? Are they going to put you in jail? That's a lot of new prisoners would have to build more prisons with taxpayers' dollars and who's going to work at the prison. Oh, I know illegal immigrants.
I was only a CA resident (had a CA driver license) 2008-2012. In 2018 6 years after moving, I didn't file a CA state return because I knew I was due a small refund (I worked for a CA based trucking company as a non resident) and didn't think it was worth the hassle.. The CAFTB froze my bank account in 2022 until I filed. I did eventually receive a refund. I had a second bank account and was overseas at the time, so thankfully I wasn't dead in the water. Just mentioning this so just because you move, it doesn't mean you're safe.
Glad I left that place when I retired five years ago
Taxes in California suck, but it was 63 and sunny today, -35 in Chicago.
Gavin is worth 400 million and lives in montana,look it up his residence is registered in montana.and he says he is moving there after his governess is ran out.
Newbie just need to set the sales tax to 100% and income tax to 100% and get on with it.
California tried this many years ago with state employees that retired elsewhere, they were able to sue and win their case as it was essentially taxation without representation.
Healthcare Price gouging is a bigger problem that they are avoiding and ignoring,