Hotel California -- 'You Can Check In Any Time You Like, But You Can Never Leave"

[Scataphagos]

"... The threat of a wealth tax is spurring conversation among California’s wealthy and their financial advisors on whether they should move now... as the proposed wealth tax carries an unusual feature: The state could assess it for 10 years after someone leaves California..."

https://www.bizjournals.com/sanfran...-spooks-the-affluent-with-talk-of-wealth.html

 

[Tsing Tao]

"... The threat of a wealth tax is spurring conversation among California’s wealthy and their financial advisors on whether they should move now... as the proposed wealth tax carries an unusual feature: The state could assess it for 10 years after someone leaves California..."

https://www.bizjournals.com/sanfran...-spooks-the-affluent-with-talk-of-wealth.html

I don't think you can enforce/assess state tax on someone after they are no longer in the state.

 

[Scataphagos]

I don't think you can enforce/assess state tax on someone after they are no longer in the state.

CA wants to an likely thinks they can. Doesn't CA already tax those who leave for 18 months?

??

 

[Tsing Tao]

CA wants to an likely thinks they can. Doesn't CA already tax those who leave for 18 months?

??

Cal taxes citizens who are gone for 18 months after they leave? What tax is that?

 

[Scataphagos]

Cal taxes citizens who are gone for 18 months after they leave? What tax is that?

State income tax, I think.

 

[Tsing Tao]

State income tax, I think.

I think you are mistaken. How can you possibly charge state income tax when there is no state income?

 

[Scataphagos]

I think you are mistaken. How can you possibly charge state income tax when there is no state income?

Hey... it's California, baby!



Q: How long will the state presume that I am still a resident after I leave?
A: You are generally presumed to be a California resident for a period of 18 months after you leave the state.

https://moskowitzllp.com/leaving-ca...hind-a-little-qa-on-california-exit-planning/

 

[Snarkhund]

Its true Tsing. Its a tax on total assets held worldwide not just in California and it extends 10 years beyond the time you end your California residency. Its not an income tax its a wealth tax.

It appears to only trigger for total assets exceeding 30 million so in my case it would not apply. There are people who post in the forum who have claimed to have that much though I certainly have my doubts. It would affect my family but not me personally.

"The proposed legislation would place an annual tax of 0.4% on all net worth above $30 million, affecting 30,400 Californians. Supporters of the wealth tax say it's expected to raise about $7.5 billion annually."

"The threat of a wealth tax is spurring conversation among California’s wealthy and their financial advisors on whether they should move now. Tax supporters seem to have anticipated this eventuality, as the proposed wealth tax carries an unusual feature: The state could assess it for 10 years after someone leaves California."

The wealth tax is "being considered" and has not become law yet buts its already having an effect.

 

[Buy1Sell2]

Its true Tsing. Its a tax on total assets held worldwide not just in California and it extends 10 years beyond the time you end your California residency. Its not an income tax its a wealth tax.

It appears to only trigger for total assets exceeding 30 million so in my case it would not apply. There are people who post in the forum who have claimed to that much though I certainly have my doubts.

"The proposed legislation would place an annual tax of 0.4% on all net worth above $30 million, affecting 30,400 Californians. Supporters of the wealth tax say it's expected to raise about $7.5 billion annually."

"The threat of a wealth tax is spurring conversation among California’s wealthy and their financial advisors on whether they should move now. Tax supporters seem to have anticipated this eventuality, as the proposed wealth tax carries an unusual feature: The state could assess it for 10 years after someone leaves California."

The wealth tax is "being considered" and has not become law yet buts its already having an effect.

California IS a tax.

 

[Ricter]

So they're after the multi-millionaire tax cheats, like the masters of the universe in Silicon Valley, Zuckerberg et. al., the Hollywood megastars, the sports superstars, etc.