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California moderate Democrats shut down
'wealth tax' proposal

Original Article

Posted By: Beardo, 1/12/2024 12:15:12 AM

California moderate Democrats shut down (a) proposal to create a “wealth tax” on unsold assets (snip) AB 259, sponsored by Assemblymember Alex Lee, D–San Jose, would create an annual 1% tax on the global wealth of state residents with worldwide net worth over $50 million, or $25 million if married but filing separately, and an additional 0.5% tax on residents whose net worth is over $1 billion, or $500 million if filing separately. Taxpayers would be required to disclose all assets, and be taxed based on the number of days spent in the state, even if part-time. (snip) The bill died in the Assembly Committee on Revenue and Taxation

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Reply 1 - Posted by: Jethro bo 1/12/2024 12:23:02 AM (No. 1634411)
This has to be a Babylon Bee spoof. Imagine Democrats putting the break on a tax the rich scheme. Like that could ever happen.
7 people like this.

Reply 2 - Posted by: mean Gene 1/12/2024 1:43:06 AM (No. 1634426)
Maybe there are still unicorn poos to live on there? Or, maybe the pot of gold at the end of the rainbow? That "high speed rail," will be raking in the dough any day now.
7 people like this.

Reply 3 - Posted by: DiegoDude 1/12/2024 4:10:05 AM (No. 1634442)
Can't have what's left of their tax base take a hike.
6 people like this.

Reply 4 - Posted by: sw penn 1/12/2024 6:50:15 AM (No. 1634496)
“Why do we have to tighten our belts when they live large?” Because they're producers, and you're a parasite?
8 people like this.

Reply 5 - Posted by: bpl40 1/12/2024 8:45:12 AM (No. 1634591)
It's not just Kalifornia. This is the proverbial camel's nose under the tent. The target is all the US, all the private wealth. In fact all of ownership.
4 people like this.

Reply 6 - Posted by: jimincalif 1/12/2024 8:46:29 AM (No. 1634592)
I zeroed in on the same quote as #4 did. Also, because it’s THEIR money, not the state’s!
3 people like this.

Reply 7 - Posted by: seamusm 1/12/2024 9:06:52 AM (No. 1634617)
MODERATE DimoTwits? Surely you jest. Those went extinct 60+ years ago. And don't call me Shirley.
3 people like this.

Reply 8 - Posted by: stablemoney 1/12/2024 11:15:23 AM (No. 1634724)
Actually, California Democrats prefer to tax out of towners, hotel tax, rental car tax, that kind of thing. Like taxes on world wide income. They loved that idea.
2 people like this.

Reply 9 - Posted by: privateer 1/12/2024 11:19:32 AM (No. 1634728)
Tell us again how Commiecrats are the party of the Little Guy. Yeah...the little guy delivering you a fat envelope.
1 person likes this.

Reply 10 - Posted by: IAmButASimpleCaveman 1/12/2024 1:08:11 PM (No. 1634793)
if it is unsold how do they know its value?
0 people like this.

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