California’s Wealth Tax Proposal
California is considering to impose a wealth tax on people who have more than $50 million assets. It is estimated to generate 21 billion tax revenue for the state.
It’s not just losing the taxes from the rich, you lose the investments they make in the community, state etc, the rich bring in the higher business ventures, this brings in more funds to the various areas that are being invested, you chase out your higher economy class you have no investing or you have reduced the interest that could have been brought forth.
California’s Wealth Tax Proposal
Taxing a community to the extent that California is working towards, is just going to implode on itself.
There’s another particular problem with this wealth tax; when you have every millionaire and billionaire selling assets to cover their wealth tax at once, you’re going to radically push down the value of those assets, which will hurt everyone. Wealth Taxes are the single most economically destructive type of tax in existence.
As with all taxes, people think it will not apply to them until it does. How many people got caught in the AMT now?
The way this tax will progress will be, the first year, they will not reach their projected goal, and the second year it will be levied on people with ten million dollars. Then they will get even more greedy and will raise it to 2%. Eventually, after ten years people with a million dollars are paying 5%! After thirty years people with 250K are paying 10%!!! It’s a tax; they will raise it when they want. Give them an inch……
California’s Wealth Tax Proposal
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