California wealth tax could become first of its kind in the U.S. under new proposalhttps://www.sfchronicle.com/business/networth/article/California-lawmakers-propose-a-15482011.php …
The SFBA's COVID response has hastened a shift to full-time remote work in CA's wealthiest industries. Many CEOs/execs are *already* out of the major metro areas or out of the state altogether, part- or full-time. Implementing a state residency-based wealth tax *now* is suicidal.
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If you try to go after former residents, not only will you create a legal nightmare situation, you'll also be sending a message to every young entrepreneur in the country that setting up shop in California opens you up to retroactive obligations that you can't even guess at.
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Please be smart about this.
End of conversation
New conversation -
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California + Federal taxes for the top tax bracket are already 50%... At some point California will not be able to collect any more taxes, yet trends indicate additional gov spending will not solve issues like high speed rail, homelessness, etc.
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