{"id":1822884,"date":"2023-01-25T06:20:26","date_gmt":"2023-01-25T11:20:26","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1822884"},"modified":"2023-01-25T06:24:52","modified_gmt":"2023-01-25T11:24:52","slug":"california-gov-gavin-newsom-wants-to-tax-people-even-after-they-flee-his-state","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/california-gov-gavin-newsom-wants-to-tax-people-even-after-they-flee-his-state\/","title":{"rendered":"California Gov. Gavin Newsom Wants to Tax People Even After They Flee His State"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcalifornia-gov-gavin-newsom-wants-to-tax-people-even-after-they-flee-his-state%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1822884&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/article_Screen_Shot_2022-12-14_at_14.41.42.jpg\" class=\"ff-og-image-inserted\" alt=\"image\"   style=\"display:none\"><\/div>\n<p><a href=\"https:\/\/thepostmillennial.com\/chinese-laborer-fatally-shoots-7-coworkers-following-workplace-dispute-on-california-farms-police\">California<\/a> Democrats want to push legislation that would tax state revenues <a href=\"https:\/\/thepostmillennial.com\/fbi-director-christopher-wray-tells-wef-future-of-national-security-is-in-partnership-between-tech-companies-and-government\">wealthiest residents<\/a>Even if they have moved to another state, they are still eligible for this benefit.<\/p>\n<p>Alex Lee, a progressive Democrat, introduced the bill last week. He wants to impose an additional 1.5 percent. <a href=\"https:\/\/thepostmillennial.com\/hip-hop-organizer-demands-800000-reparation-payment-for-every-black-californian-or-face-serious-backlash\">annual tax on Californians<\/a> With a &#8220;worldwide net worth&#8221; Increased to $1 billion in January 2024 with the intention of lowering it to $500 million by 2020. <a href=\"https:\/\/www.foxnews.com\/politics\/california-democrats-consider-wealth-tax-people-moved-out-state?intcmp=tw_fnc\">Fox News <\/a>reports.<\/p>\n<p>&#8220;Worldwide net worth&#8221; incorporates\u00a0diverse holdings such as farm assets, arts and other collectibles, as well as stocks and hedge fund interest.<\/p>\n<p>This is the second approval of a California Assembly wealth tax in three years. The state Senate ultimately defeated a similar bill from 2020.<\/p>\n<p>California will be able to impose this tax for many years on residents who have left the state with the updated version.<\/p>\n<p>&#8220;<span>Exit taxes aren&#8217;t new in California. But this bill also includes provisions to create contractual claims tied to the assets of a wealthy taxpayer who doesn&#8217;t have the cash to pay their annual wealth tax bill because most of their assets aren&#8217;t easily turned into cash. This claim would require the taxpayer to make annual filings with California&#8217;s Franchise Tax Board and eventually pay the wealth taxes owed, even if they&#8217;ve moved to another state,&#8221; Fox News reported.<\/span><\/p>\n<p>California was one of many blue states to introduce a bill that imposed a wealth-tax. Each state has a different tax approach, but they all share the same basic principle that the wealthy must pay more.\u00a0<\/p>\n<p>&#8220;The working class has shouldered the tax burden for too long,&#8221; Lee tweeted. &#8220;The ultra-rich are paying little to nothing by hoarding their wealth through assets. Time to end that.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\"><\/blockquote>\n<p>Lee claims that the tax would only impact 0.1% of households. However, it will generate $21.6billion in state revenue. This, he believes, will allow the state fund its $22.5billion budget deficit.<\/p>\n<p>&#8220;This is how we can keep addressing our budgetary issues,&#8221; He spoke to the <a href=\"https:\/\/www.latimes.com\/california\/story\/2023-01-19\/california-joins-other-blue-states-in-latest-attempt-to-tax-the-rich\">Los Angeles Times<\/a>. &#8220;Basically, we could plug the entire hole&#8221;<\/p>\n<p>Some experts think that the bill could lead to an exodus of the riches and their businesses.<\/p>\n<p>&#8220;It brings significant administrative challenges with respect to asset and liability valuation, high and distortionary effective rates, among other problems that make it an inefficient revenue source,&#8221; Fox News spoke with Gordon Gray, American Action Forum director of fiscal policy.<\/p>\n<p>Other experts also voiced similar concerns.<\/p>\n<p>&#8220;The proposed California wealth tax would be economically destructive, challenging to administer and would drive many wealthy residents \u2014 and all their current tax payments \u2014 out of state,&#8221; Fox News spoke with Jared Walczak (Vice President of State Projects at Tax Foundation),<\/p>\n<p>&#8220;The bill sets aside as much as $660 million per year just for administrative costs, more than $40,000 per prospective taxpayer, giving an idea of how difficult such a tax would be to administer,&#8221; He concluded.<\/p>\n<p>Under Governor Newsom&#8217;s leadership, the last few years have seen an increase in economic growth. <a href=\"https:\/\/thepostmillennial.com\/california-residents-flee-state-for-3rd-year-in-a-row-census-bureau\">mass exodus of Californians<\/a> Texas, one of the most red states in America.\u00a0Walczak said that Texans should be most excited about such a statute.<\/p>\n<p>&#8220;A wealth tax could be particularly destructive in California, home to so many tech startups, because the owners of promising businesses could be taxed on hundreds of millions of dollars&#8217; worth of estimated business value that never actually materializes,&#8221; Walczak. &#8220;Very few taxpayers would remit wealth taxes, but many taxpayers would pay the price. The only people who should genuinely love a California wealth tax are the ones who work in Texas&#8217; economic development office.&#8221;<\/p>\n<p>Wealth taxes are advocated by those who believe they are necessary to address economic inequality. This has been highlighted and exacerbated by the COVID-19 pandemic.<\/p>\n<p>Walczak however, believes that wealth taxes should be applied &#8220;cut deeply into investment returns, to the detriment of the broader economy.&#8221;<\/p>\n<p>&#8220;Average taxpayers may not care if the ultra-wealthy have lower net worths. But they will certainly care if innovation slows and investments decline,&#8221; He concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>California Democrats want to push legislation that would tax state revenues wealthiest residentsEven if they have moved to another state, they are still eligible for this benefit. Alex Lee, a progressive Democrat, introduced the bill last week. He wants to impose an additional 1.5 percent. annual tax on Californians With a &#8220;worldwide net worth&#8221; Increased &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1822887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[4045,7831,5544,8338,3678,4370,8360],"class_list":["post-1822884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-california","tag-flee","tag-gavin","tag-gov","tag-newsom","tag-people","tag-tax"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1822884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1822884"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1822884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1822887"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1822884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1822884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1822884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}