{"id":1449930,"date":"2024-01-10T17:45:00","date_gmt":"2024-01-10T22:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1449930"},"modified":"2024-01-10T17:45:00","modified_gmt":"2024-01-10T22:45:00","slug":"the-hotel-california-wealth-tax-advances-you-cannot-leave-to-escape-it","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/the-hotel-california-wealth-tax-advances-you-cannot-leave-to-escape-it\/1449930\/","title":{"rendered":"The ‘Hotel California’ Wealth Tax Advances, You Cannot Leave To Escape It"},"content":{"rendered":"

The ‘Hotel California’ Wealth Tax Advances, You Cannot Leave To Escape It<\/span><\/p>\n

\n

Authored by Mike Shedlock via MishTalk.com,<\/em><\/a><\/p>\n

The California legislature takes up the wealth tax idea this week. It\u2019s a Hotel California doozie…<\/strong><\/em><\/p>\n

<\/a><\/p>\n

California\u2019s Wealth Tax in the Batter\u2019s Box<\/strong><\/h2>\n

The Wall Street Journal reports\u00a0California\u2019s Wealth Tax Arrives<\/a>. It hasn\u2019t yet, but it\u2019s in the batter\u2019s box.<\/p>\n

Democrats introduced the bill last winter, and it will get a hearing Wednesday in the state Assembly as lawmakers scrounge for revenue to fill a projected $68 billion budget hole. Gov. Gavin Newsom on Wednesday will also unveil his budget for the coming year. Democratic legislators are proposing a wealth tax as an alternative to spending restraint.<\/p>\n

Wealth Tax Details<\/strong><\/h2>\n

The bill would impose an annual excise tax of 1.5% on the worldwide net worth of every full- and part-year California resident that exceeds $1 billion, starting this tax year.<\/p>\n

Come Jan. 1, 2026, the state would tax wealth that exceeds $50 million at a rate of 1% each year, with an additional 0.5% tax on assets valued at more than $1 billion.<\/p>\n

Part-time residents would be taxed on a pro rata share of their wealth based on the number of days they spend annually in California.<\/p>\n

The tax would also apply to nonresidents who have recently left the state.<\/p>\n

Democrats exempted real property from the tax as a favor to their high-end real-estate industry and Hollywood donors.\u00a0<\/p>\n

To spread the wealth around to plaintiff-bar donors, the bill would apply the state\u2019s False Claims Act to wealth-tax records and statements. This means plaintiff attorneys could sue affluent individuals on behalf of the state for allegedly under-reporting assets. Plaintiff attorneys would be entitled to a share of the state\u2019s recovery.<\/p>\n

Constitutionality<\/strong><\/h2>\n

I highly doubt this is constitutional and I am certain that taxing people who don\u2019t live in the state isn\u2019t.<\/p>\n

But no one gives a damn about such things anymore.<\/p>\n

If this passes, there will be an accelerated exodus from the state. Won\u2019t that be fun.<\/p>\n

California Paying for Illegal Migrants to Gender Transition<\/strong><\/h2>\n

Meanwhile, please note\u00a0California Paying for Illegal Migrants to Gender Transition Sparks Fury<\/a><\/p>\n

Conservatives have reacted with fury after it was reported that illegal migrants in California can be eligible for gender-affirming care from Medi-Cal, the state\u2019s version of Medicaid.<\/p>\n

Beginning January 1, all undocumented immigrants in California who meet certain criteria, such as having been resident in the state since 2014 and having income below a certain threshold, automatically qualified for Medi-Cal.<\/p>\n

Hard Times: San Francisco Runs Out of Money, Eliminates Slave Reparations Office<\/strong><\/h2>\n

On December 18, I noted\u00a0Hard Times: San Francisco Runs Out of Money, Eliminates Slave Reparations Office<\/a><\/p>\n

San Francisco wanted to give blacks $5 million each. Instead it eliminated the entire reparations office.<\/p>\n

California Has a $68 Billion Budget Deficit<\/strong><\/h2>\n

On December 10, I noted\u00a0California Has a $68 Billion Budget Deficit With Only $30 Billion in Reserves<\/strong><\/p>\n

The boom-bust cycle in California is back to bust again. Governor Newsom faces some tough economic and political choices.<\/p>\n

Apparently the no-so-tough choice is to raise taxes even on people who flee the state to avoid them.<\/p>\n

If this passes, the Supreme Court will strike it down. Get the hell out of California anyway. Other tax hikes are sure to come.<\/strong><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 01\/10\/2024 – 12:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/political\/hotel-california-wealth-tax-advances-you-cannot-leave-escape-it<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

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