Well California is at it again. This time trying to keep taxing people even after they move out of the state. How absurd is this? Is this even legal? I would think not.
A FoxNews article first reported this yesterday. Democratic legislatures in the state are seeking to impose an extra annual 1.5% tax on individuals with a “worldwide net worth over $1 billion”. In 2026 the threshold would be lowered to those with a net worth of $50 million. What they want to tax is ridiculous as well, art, collectibles and farm assets. These same people (State Democrats) are the same ones wondering why people are fleeing the state. Progressive Democrat Alex Lee is the state Assemblyman who introduced the bill (Assembly Bill 259).
Money mismanagement and wasteful spending
With the way California is spending money on social justice programs, illegal immigrants and wanting to pay reparations to descendants of slaves (CA was not a slave owning state in the first place!) it’s no wonder the state has a money issue. Gov Newsom has beat his chest about how CA is the 7th largest economy in the world. Even with all that money coming in, they still manage to have a $22.5 billion budget deficit.
Why keep electing the same people?
I really have to wonder about the thought process (if any) that goes into electing a state government that continues to loose money, fails to assist it own citizens over those there illegally, spends more money on those same illegal immigrants over citizens and has never fully dealt with the homelessness problem. Is it no wonder that people are fleeing the state in mass. I did!!!!! It’s been so bad the state lost a congressional seat in 2021, which meant after redistricting Los Angles lost a congressional seat. I will not even go into the crime problem, that is a story all in itself.
Are we really surprised by this?