Think you’ll avoid super high taxes by just moving out of CA (Other high tax states)? Well, the state soon may come after you and your assets.
(From Redstate)
The new proposal will first be increasing the state’s already record high income tax rate on top earners, from… 13.3% to now … 16.8%.
But as well there will be a new wealth tax on those holding assets with a value of $30 million and above. This is regardless of where those assets are located; the tax would include any and all holdings outside the state. Properties owned in other states, as one example, would be calculated towards your net worth and taxed — in California.
Then it becomes truly offensive. More than including part-time citizens and those with a dual residency in another state, this new surcharge on the wealthy would take effect on anyone who spends only 60 days within the state’s borders.
This article was originally posted here: https://www.ac2news.com/2020/12/think-youll-avoid-super-high-taxes-by-just-moving-out-of-ca-or-ny-well-the-states-may-come-after-you/.
