Cryptocurrency: CommieFornia WealthTax Triggers Mass Boating Exodus

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The 'Hotel California' Wealth Tax Advances, You Cannot Leave To Escape It

Authored by Mike Shedlock via MishTalk.com,

The California legislature takes up the wealth tax idea this week.
It’s a Hotel California doozie...

California’s Wealth Tax in the Batter’s Box

The Wall Street Journal reports California’s Wealth Tax Arrives. It
hasn’t yet, but it’s in the batter’s box.

    Democrats introduced the bill last winter, and it will get a
hearing Wednesday in the state Assembly as lawmakers scrounge for
revenue to fill a projected $68 billion budget hole. Gov. Gavin Newsom
on Wednesday will also unveil his budget for the coming year.
Democratic legislators are proposing a wealth tax as an alternative to
spending restraint.

Wealth Tax Details

    The bill would impose an annual excise tax of 1.5% on the
worldwide net worth of every full- and part-year California resident
that exceeds $1 billion, starting this tax year.

    Come Jan. 1, 2026, the state would tax wealth that exceeds $50
million at a rate of 1% each year, with an additional 0.5% tax on
assets valued at more than $1 billion.

    Part-time residents would be taxed on a pro rata share of their
wealth based on the number of days they spend annually in California.

    The tax would also apply to nonresidents who have recently left the state.

    Democrats exempted real property from the tax as a favor to their
high-end real-estate industry and Hollywood donors.

    To spread the wealth around to plaintiff-bar donors, the bill
would apply the state’s False Claims Act to wealth-tax records and
statements. This means plaintiff attorneys could sue affluent
individuals on behalf of the state for allegedly under-reporting
assets. Plaintiff attorneys would be entitled to a share of the
state’s recovery.

Constitutionality

I highly doubt this is constitutional and I am certain that taxing
people who don’t live in the state isn’t.

But no one gives a damn about such things anymore.

If this passes, there will be an accelerated exodus from the state.
Won’t that be fun.
California Paying for Illegal Migrants to Gender Transition

Meanwhile, please note California Paying for Illegal Migrants to
Gender Transition Sparks Fury

    Conservatives have reacted with fury after it was reported that
illegal migrants in California can be eligible for gender-affirming
care from Medi-Cal, the state’s version of Medicaid.

    Beginning January 1, all undocumented immigrants in California who
meet certain criteria, such as having been resident in the state since
2014 and having income below a certain threshold, automatically
qualified for Medi-Cal.

Hard Times: San Francisco Runs Out of Money, Eliminates Slave Reparations Office

On December 18, I noted Hard Times: San Francisco Runs Out of Money,
Eliminates Slave Reparations Office

    San Francisco wanted to give blacks $5 million each. Instead it
eliminated the entire reparations office.

California Has a $68 Billion Budget Deficit

On December 10, I noted California Has a $68 Billion Budget Deficit
With Only $30 Billion in Reserves

    The boom-bust cycle in California is back to bust again. Governor
Newsom faces some tough economic and political choices.

Apparently the no-so-tough choice is to raise taxes even on people who
flee the state to avoid them.

If this passes, the Supreme Court will strike it down. Get the hell
out of California anyway. Other tax hikes are sure to come.