Taxation without representation. It will die in the supreme Court
— Jeremy Specials (@JeremySpecials) September 15, 2024
California has floated proposals to implement an exit tax on wealthy individuals who leave the state. Aimed at high-net-worth individuals, the state wants to ensure it continues to collect revenue from them even after they relocate. Assembly Bill 2088 suggested a 0.4% tax on net worth over $30 million for up to ten years post-move, while Assembly Bill 310 proposed a 1% annual tax on assets exceeding $50 million, with an extra 0.5% on assets over $1 billion. Although these bills have not yet passed, the mere idea underscores the tension between taxation and wealth migration in California.
Sources:
finance.yahoo.com/news/leaving-rich-americans-ditching-california-163000441.html
scocablog.com/exit-taxes-in-california-not-so-fast/
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