All of those spaces will be backfilled by 10 per individual by illegal aliens… errr… wards of the state. Now they mad and scared there won’t be enough people around to pay for them.
Wow how stupid are you. There is no Wealth Tax in any State, how is instituting one losing Tax Revenue. The Revenue is in the Wealth not the Income. Libertarians crack me up. 🤣🤣🤣🤣🤣🤣🤣🤣Being Libertarian: The ability to ignore all the pertinent facts that do not conform to your preconceived narrative.
Right everyboldy is going to leave California and New York and they will become Hippy Paradise with Blue Skies and Clean Water, what a losing proposition! 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
@@winnon992 They're no good if they pay non liveable wages & ridiculous hours. Not much use if you can supply jobs but not quilty jobs that's worth it to be there.
@@nicoctane1669 libs literally bring in endless immigrants then complain about wage growth..... yall really need to take an econ class.... you have NO LEVERAGE for wage negotiations.... you welcome your replacements 😂
Are you serious? I have a feeling you are really thinking that those two things are similar... They are not, think about it more or better yet Google it and learn more about it.
I received a great job offer in Jan 2023, during the process they changed their mind and wanted me to relocate to the bay area which I said no to. Even with the raise, the cost of living increase was substantial. I turned down the job, a month later, they offered the position again and removed the relocation requirement. The hiring manager said, we can not find anyone in area or someone willing to move here. Home prices are ridiculous, traffic is awful, crime, schools, and then factor in taxes, it's not attractive.
I left Cali 1995 because I saw the change coming. I moved to AZ and now many Californians are coming here and bringing their voting habits with them, I guess they didn't learn their lesson. Anyway, AZ is turning into another California but I am too old to move. Crime, taxes, schools, government, traffic, etc. are all getting much worse here in AZ. I used to go days without hearing a siren, now I constantly hear sirens throughout the day.
“After the fall of communism, everybody in the world agreed that socialism was a failure. Everybody in the world, more or less, agreed that capitalism was a success. And every capitalist country in the world apparently deduced from that what the West needed was more socialism.” - Milton Friedman
These two states should pass a wealth tax. The will have to define wealth as anyone making $100,000 or less since all the really wealthy people have left these states. These liberal politicians are proving that there are no boundaries to stupidity.
Stupid, wealthy can afford expert CPA's. Wealthy know you have to live in the state 180 days to be considered a Resident. They will buy a home is a more favorable tax state and be tax residents in tax favorable states.
You know it's heading for disaster when a reduction in spending is never on the table. I wonder if this wealth tax would include Nancy or if politicians would be exempt.
The government should take ALL of Pelosi’s money and asset’s away before asking the working people to pay more. That goes for all politicians regardless of party affiliation.
Yep. This has been tried before in several countries. Result was less tax income. The wealthy can move to a state or country that tax less. Actually be welcome since they bring their tax dollars to the new residency.
An old story, the wealthy are leaving. The solution? Let's raise taxes even higher on the wealthy that still remain. What could go wrong? Certain politicians fail to understand that say a tax rate of 5% on ten billion dollars is way more than a rate of 8% on one billion dollars (because the other nine billion left). Yep, just deep raising taxes, or in this new idea, just tax wealth. Stunningly stupid. Margaret Thatcher: "The problem with socialism is that you eventually run out of other people's money."
It's called a tax payers bill of rights and we have that in Colorado. It is a struggle to keep that bill of rights because our sodomite governor and his liberal sodomites are always looking for ways to break that bill of rights.
Many of these state's wealthy residents are leaving due to higher taxes. Introducing a wealth tax on top of what's already there is just going to incentivize even more to move (further reducing revenues).
NY looses tax revenue because people are fleeing NY so NY decides to raise taxes on those most capable of leaving…. Anyone want to guess how this will go?
I wonder how many people remember who Willie Sutton was. He was a serial bank robber, and when he was arrested, he was asked why he robbed banks. His response was simply, “that’s where the money is.”
They must realize that a wealth tax is a tax on productive capital. If you own a billion dollar factory in CA, then a wealth tax will make you pay a percentage of that value every year forever. That is a tax on everyone. Owning stock is just owning a portion of a company's capital.
I really hope these two states go ahead with the wealth tax. Then a few years later they will also serve as study cases for 'How to Quickly Ruin Your State'.
If one wants a classic case of how people move to avoid high taxes, Lake Tahoe is a prime example. Part of Tahoe is in California, part in Nevada. Look where much of the high end real estate is-Nevada. Owning a lakefront mansion in Nevada vs, the same one in California just across the line translates into huge savings.
Governments are taxing any money moving and now want to tax anything left standing. Perhaps consideration needs to be given to banning wealth taxes, as an infringement of property rights, by constitutional amendment.
There is no reason why all levels of government cannot look for ways to reduce spending. I personally have seen a Hugh amount of wasted tax dollars in various jobs I have worked. Identical State and Federal inspections of business and projects. Restocking obsolete inventory. Building projects that become useless in a short time. The list goes on. The waste is in the Trillions each year.
Do they not understand that the rich can move (France learned that the hard was)? As to a wealth tax, do they not understand that if things like the stock market go down they will need to refund massive amounts?
He said they would only issue credits to be used on future gains, no refunds. So if a billionare (on paper) went totally bust, no refund ever....would have useless tax credits
A wealth tax really would have to be a federal tax before it will be effective. He was so right about it being basically useless at a state level because the wealthy are probably the only people with the finances to uproot their whole life comfortably and move to another state. You would be back at square one with “low tax revenue” They’d be forced to change the tax to include the upper-middle and middle class earners which will make them want to leave as well. And the problem with California to begin with is that there is almost no middle class today. The state has a MASSIVE wealth gap. It’s basically a melting pot of the incredibly poor and the ultra wealthy. Same goes for NY.
In my 50 years on planet earth I can submit this is not the first time I’ve seen this tried. The news even said this is the second time this guy’s tried it. Heavily taxing the rich is the communist procedure, and not helpful. I’m a semi retired grocery clerk, middle class at best and I can say as an American, I believe the way to generate tax is to lessen unemployment, which won’t be improved overtaxing the successful in this country.
wealth taxes are going to get challenged in the courts and deemed unconstitutional if not the exodus is going to be extreme. if you own a home then that is an asset.
whatever brah, California taxes the heck out my income and don't get much in return. I live in San Diego and the homelessness problem is off the charts despite all the money thrown at the problem @@mrpablomx
How is it hard to get ahead in California when most of the people selling their house and leaving the state have so much money to spend in other states? Also how is it all democratic policies that are a problem when they have had both Republican and Democratic governors and they have more republicans than any other state in the country?
I live in NY and pay as much as any European but don't get free university for my kids or free healthcare. Not sure what I get exactly. Not happy. Don't be surprised if I'm out of here in 2 years when my youngest graduates...
The funny thing is as the wealthy leave they don’t divert their real estate so it’s still impossible to buy a home there. The solution is simple: adopt Florida and Texas tax system. 0% income tax and relatively high property tax with generous homestead exemptions.
It might be "fair" if the government gave back the money (with interest) to the unrealized capital gains that never became REAL gains. Of course, the government will never do that. If they did, then the extra bureaucracy would probably gobble up all the extra revenue generated.
@@reekinronald6776 it sounds better, but it becomes way too complicated. Plus it’ll be complicated for the individual to figure real or to pay for someone else to figure what about the elderly.
Oh sure... raising taxes on the wealthy... the ones who can most easily move... is sure to keep them in those states... the idiocy of politicians never ceases to amaze me.
I left connecticut back in 2011 because they added a $200 to my monthly paycheck ...that scope creep into my cost of living triggered me to check why my cost of living was high and this new tax they announced was what got me to explore other options. I was single back then and by thank giving 2011, i left to houston. A year before, my cousin moved his family from phille to dallas to avoid wasting his life on a forever mortagage on a 80 year old house costing 500k. He now owns four homes renting out three of them. We built a brand new home back in 2016 for 330k and 3500 sq ft. Unimaginable in the north east in one of the burbs close to the big city.
So how do they know who should be taxed? Is every PERSON in California and New York going to have to inventory their worldly possessions every year to see if they will be taxed? I mean who determines what the value of an item is, like your Great Grandma's quilt? Can you dispute their value if you feel it is to high? And you just know they will start to lower the Taxable amount every so often until all are paying.
Well that is good news if it stays that way, but if you read the fine print from Senator Warren's Wealth tax proposal she is after generational wealth. Thought this might end up being the same. I guess time will tell. @@breandanwheeler5267
They are mostly focusing on property and stocks. Honestly, I can't see how they can implement a wealth tax without imploding the economy. Also, if they need more revenue why not just increase income tax and sales tax? Do they actually think they can fool people that they are not taking more money by going after wealth? A wealth tax really is taxing people based on their ethics of saving and investing.
'WEALTH" is superficial. It's not real money until it''s cashed out. The first investment they put me in a fund which had a big up year and generated a tax bite even though it was down at the time. Eventually the fund folded and was a loss for me but not the government.
That would not make sense since they would be taxing the ones with the resources to relocate BUT remember they also wanted to pass a law that would allow them to impose CA income tax on anyone leaving the state for further ten years.
Perhaps rather than taxing the wealthy even more, pay attention to how you distribute those collected “tax” money. Trying to pick on a certain demographic is pointless if those money used are wasted. 😂
Don't they have to finish the Berlin wall, checkpoints, and exit visa requirement first to prevent the private jets and the corporations to leave the prison?
Parallels btw Ancient Rome and today "Although taxes on ordinary Romans were not raised, citizenship was greatly expanded in order to bring more people into the tax net. Taxes on the wealthy, however, were sharply increased, especially those on inheritances and manumissions (freeing of slaves)." Excessive Government Interference - Excessive Taxation - Excessive stupidity - Killed ancient Rome
Try it on your own kids first, Newsome. If they spend their allowance on alcohol, tattoos and drugs, and don’t pay off credit cards- they are obedient citizens. But if they set aside the first 20% and budget the rest, thereby building wealth. - CONFISCATE IT BEFORE THEY LEARN INDEPENDENCE!
What happens if those unrealized capital gains become losses years after the taxpayer paid tax on paper gains? Do they get a refund, plus interest from the state?
I know it’s possible for liberals to learn but I don’t understand why they are unable to grasp that every single time that rates get cut that revenue goes up… I’m just thankful they can’t get it. We welcome their wealthy here in Florida. Keep them coming
How about restricting worthless or non returning state expenditures and letting those who earn keep their earnings. The states likely are not doing much to help the earners earn, so why does the state believe it is entitled to any of the earnings?
Wealth tax is idiotic. It takes no effort, especially if you're wealthy, to just registered to vote in another state. Never have to get rid of any real property. And as long as you don't live in CA or NY for more than 6 months out of the year, you never have to claim residence in those two states.
Well then we find other ways little by little ofc it will be fought but it’s a step towards a better future the top 1 percent holds the majority of wealth that cannot be allowed
Once the wealth- and those who own it- move to states like Texas and Florida, what then will California and New York tax? Will the last person to leave those states please turn out the lights?
Doesn’t matter billionaires will find a loophole. California will eventually find a way to tax the middle class some way later on to make up for the shortfall.
They already charge a wealth tax in CA and NY. These welfare states have the highest state income taxes! The joke is on the people who live n CA and NY as people continue to flee these states. It would be nice if politicians were required to have economics and accounting education requirements. They just seem to not understand how the economy works!
Red states are 14 of the 15 and 18 of the 20 poorest. They also absolutely dominate the bottom of education rankings, health care and every economic & social well being stat, including life expectancy. Red states are also all net Federal tax moochers, NY. CA, IL. Ma, CT, NJ, subsidize the welfare moocher red states. NY every year is the largest net federal tax donor paying 25 to 30B more in taxes than they receive, while every red state, especially the low income southern ones are massive tax moochers. ..ie..KY is a 40B/yr tax moocher and all those other low income/low GDP southern states are 10 to 30B/yr moochers. There are 20 states with 7.25 minimum wage, they are all red states except one, they are the poorest states in the country as described earlier & massive federal government moochers. 71% of all GDP comes from blue areas voting areas in 2020, up from 64% in 2016...Lagging despite their hero Trump is what low income, low GDP, lack of education, etc... gets you from the red states/areas.
In NYC $450k is not rich! After taxes you basically have $225k left over. Now minus rent of $4500 per month, car insurance, car payment, $150 electric bill, 401k contribution, cable, gym membership, food, moderately enjoying life at restaurants, tolls, groceries 30% more than anywhere else, kids, and there isnt alot left over to be called rich. Do the math its not alot left over. 35-39% Federal tax, 6.8% NY state tax, 4% NYC tax.
I saw 3 expensive cars with Cal plates last week in the parking lot at Trader Joe’s in Austin. Next years revenue losses will be even greater for California.
Do they tax rich people who are given an expensive homes? Are they then taxed on the money that was given to the same individual for the tax on the free home? I want to know just in case I become the next governor of Ca.
Last time Ca was talking wealth tax they had planned that you must pay it for 10yrs after moving from the state......apparently that one didn't pass The bad thing about everyone leaving Ca and NY........they're going to states that vote different from them
Many times for many years they’ve tried this. As an American I just want to see steady employment at livable wages, HEY there’s the tax’s! I wish every time this fails the communists behind it would move elsewhere.
In practice, wouldn't retirees with residences in two states be exempt, since they could domicile themselves in either one? (Absent employment income tax slips, how would any state know where anyone lives? Are agents going to camp out outside someone's house for 183 or more days a year?) Someone please correct me if that's untrue.
It's slightly worse. You can be a resident of one state and employed by an enterprise in another. I have been a Texas employee of a California company. No California taxes, except sales and gas taxes while visiting the home office.
@@annelarrybrunelle3570 Yes, I thought of that. Clearly, WFH can even mean living in a different continent from the office. But I wanted to keep my comment short. Suffice it to say that no one is going to question a claim that one lives in the same high-tax state in which the operations of one's employer are domiciled, while the reverse may not be true.
Dumb! Wealthy shouldn't be taxed more. The poor and middle class should get off their butts and go to work. There is to much free money rolling around.
To be fair one way to address the wealthy moving out is something like a mansion tax that California is trying. But that’s a one time shot so… who knows 🤷🏻♂️
The crazy part is these rich people can make a home base in Nevada to avoid the tax and visit California as often as they want. They can stay at 5 star hotels for a week ir two whenever they want
Explain to me how taxing more will solve any issues? The government only gets greedier if they see a chance to tax people for more. People really need to learn and remind themselves of how taxes were created in the first place.
Keep going! I for one left the shithole CA (as one of the 0.1% net wealth in the US) five years ago and have never looked back since.😂 My state tax since living the shithole has been ZERO!😎
![State of Play | September 24, 2024 [ENGLISH]](http://i.ytimg.com/vi/fVs0suPHAX8/mqdefault.jpg)
Get even more of the wealthy to move out of these states, losing even MORE tax revenue. Pure progressive genius!
All of those spaces will be backfilled by 10 per individual by illegal aliens… errr… wards of the state. Now they mad and scared there won’t be enough people around to pay for them.
Wow how stupid are you. There is no Wealth Tax in any State, how is instituting one losing Tax Revenue. The Revenue is in the Wealth not the Income. Libertarians crack me up. 🤣🤣🤣🤣🤣🤣🤣🤣Being Libertarian: The ability to ignore all the pertinent facts that do not conform to your preconceived narrative.
Oh, any you are one of the very Wealthy that this will actually effect? 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
@@bargdaffy1535You sound vaccinated.
Irrelevant@@bargdaffy1535
If you were a business and 40% of your revenue came from 1% of your customers, you'd be very worried about loosing those customers.
Excellent comment!
Except none of these wealthy people will leave California and New York lol they have too much pride.
Right everyboldy is going to leave California and New York and they will become Hippy Paradise with Blue Skies and Clean Water, what a losing proposition! 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
@@double_joseph327They are already leaving California and NY. 🤣
@@bargdaffy1535You sound like a commie pinko.
What a brilliant idea. Raise taxes on the people who can afford to relocate.
YEP = stupidity doesn’t grow on trees
Those are also people who make jobs. I never wanted to work for anyone that was broker than I was !
@@winnon992 They're no good if they pay non liveable wages & ridiculous hours. Not much use if you can supply jobs but not quilty jobs that's worth it to be there.
@@nicoctane1669 libs literally bring in endless immigrants then complain about wage growth..... yall really need to take an econ class.... you have NO LEVERAGE for wage negotiations.... you welcome your replacements 😂
NOT poor are moving out to AZ etc,
NY and CA watching their wealthy roll out:
"How did this happen?"
It's like a store raising prices to compensate for lack of sales.
Exactly!!!
Are you serious? I have a feeling you are really thinking that those two things are similar...
They are not, think about it more or better yet Google it and learn more about it.
🤦🏻♂️ its what they do genius
I received a great job offer in Jan 2023, during the process they changed their mind and wanted me to relocate to the bay area which I said no to. Even with the raise, the cost of living increase was substantial. I turned down the job, a month later, they offered the position again and removed the relocation requirement. The hiring manager said, we can not find anyone in area or someone willing to move here. Home prices are ridiculous, traffic is awful, crime, schools, and then factor in taxes, it's not attractive.
I left Cali 1995 because I saw the change coming. I moved to AZ and now many Californians are coming here and bringing their voting habits with them, I guess they didn't learn their lesson. Anyway, AZ is turning into another California but I am too old to move. Crime, taxes, schools, government, traffic, etc. are all getting much worse here in AZ. I used to go days without hearing a siren, now I constantly hear sirens throughout the day.
@fatherof4kids my goal is to split my retirement time in AZ, I hope it doesn't get too bad
Traffic - means place is popular.
Congratulations on your wise decision. Personally, I wouldn’t live in California if they gave me a house and $100k salary
Poop, tents, crime, drugs, who cant see California dreamin’ has turned nightmarish thanks to woke democratic thinking and voting
Red states will be happy to have these wealthy individuals as tax refugees .
Or tax migrants?
“After the fall of communism, everybody in the world agreed that socialism was a failure. Everybody in the world, more or less, agreed that capitalism was a success. And every capitalist country in the world apparently deduced from that what the West needed was more socialism.”
- Milton Friedman
Liberalism is a mental disorder.
Small hat subhuman
These two states should pass a wealth tax. The will have to define wealth as anyone making $100,000 or less since all the really wealthy people have left these states. These liberal politicians are proving that there are no boundaries to stupidity.
Stupid, wealthy can afford expert CPA's. Wealthy know you have to live in the state 180 days to be considered a Resident. They will buy a home is a more favorable tax state and be tax residents in tax favorable states.
It won't be that low. It'll work like the income tax... eventually everyone who works will pay it.
California has very aggressive tax laws. Unless you sever all ties to the state completely they will likely consider you a tax resident.@@jbranche8024
video literally say wealth over 1billion/50million. How much they paying you extra to bootlick online
@@KC-hn9wz ROFL people still believe that BS.
You know it's heading for disaster when a reduction in spending is never on the table. I wonder if this wealth tax would include Nancy or if politicians would be exempt.
The government should take ALL of Pelosi’s money and asset’s away before asking the working people to pay more. That goes for all politicians regardless of party affiliation.
maybe they will take insider trading away from her.
After she retires she's moving to Florida she's crooked not stupid
That will make the tax revenue decline even more!
Yep. This has been tried before in several countries. Result was less tax income. The wealthy can move to a state or country that tax less. Actually be welcome since they bring their tax dollars to the new residency.
Correct, all the wealthy will do is move elsewhere, surely the idiots in local government should know this, however they are idiots!
Death spiral, more failed progressive policies for them to test and find out the consequences from.
An old story, the wealthy are leaving. The solution? Let's raise taxes even higher on the wealthy that still remain. What could go wrong? Certain politicians fail to understand that say a tax rate of 5% on ten billion dollars is way more than a rate of 8% on one billion dollars (because the other nine billion left). Yep, just deep raising taxes, or in this new idea, just tax wealth. Stunningly stupid. Margaret Thatcher: "The problem with socialism is that you eventually run out of other people's money."
This will drive out the last of the biggest taxpayers.
We need to change the law where voters have to take a 2/3 vote to raise taxes and a simple majority to lower taxes.
It's called a tax payers bill of rights and we have that in Colorado. It is a struggle to keep that bill of rights because our sodomite governor and his liberal sodomites are always looking for ways to break that bill of rights.
Not even that, just only let net tax payers vote.
Many of these state's wealthy residents are leaving due to higher taxes. Introducing a wealth tax on top of what's already there is just going to incentivize even more to move (further reducing revenues).
"California and New York state governments failed and they want someone to pay for it." Fixed it.
NY looses tax revenue because people are fleeing NY so NY decides to raise taxes on those most capable of leaving…. Anyone want to guess how this will go?
I wonder how many people remember who Willie Sutton was. He was a serial bank robber, and when he was arrested, he was asked why he robbed banks. His response was simply, “that’s where the money is.”
They must realize that a wealth tax is a tax on productive capital. If you own a billion dollar factory in CA, then a wealth tax will make you pay a percentage of that value every year forever. That is a tax on everyone.
Owning stock is just owning a portion of a company's capital.
I really hope these two states go ahead with the wealth tax. Then a few years later they will also serve as study cases for 'How to Quickly Ruin Your State'.
Yup, I was thinking the same thing. Let CA and NY be examples of what not to do!!! Just wait a few years and see what these two states look like.
Yeah, France did that and the people just moved to Belgium.
They already are doing it = communist thinking
"Tax the rich to feed the poor, till the rich you have no more"
If they tax more wealth the politicians feel they can spend alot more and create more social programs.
The wealthy and middle class are just gonna leave and the state will collapse eventually
Not only will the Wealthy move out but will take all their Businesses with them.!
If one wants a classic case of how people move to avoid high taxes, Lake Tahoe is a prime example. Part of Tahoe is in California, part in Nevada. Look where much of the high end real estate is-Nevada. Owning a lakefront mansion in Nevada vs, the same one in California just across the line translates into huge savings.
Just when you thought you couldn't get more people to move out of California and New York 😂😂😂😂
Governments are taxing any money moving and now want to tax anything left standing. Perhaps consideration needs to be given to banning wealth taxes, as an infringement of property rights, by constitutional amendment.
Who is going to do it ….? Puppet Joe….?
Maybe those states should consider spending less. All a wealth tax will do is incentivize the rich to move out of state (as many have already).
If people have become adept at hiding income, can you imagine how adept they will become at hiding wealth?
Sounds like a wonderful way to drive all the remaining wealthy people out of CA and NY.
There is no reason why all levels of government cannot look for ways to reduce spending. I personally have seen a Hugh amount of wasted tax dollars in various jobs I have worked. Identical State and Federal inspections of business and projects. Restocking obsolete inventory.
Building projects that become useless in a short time. The list goes on.
The waste is in the Trillions each year.
Do they not understand that the rich can move (France learned that the hard was)? As to a wealth tax, do they not understand that if things like the stock market go down they will need to refund massive amounts?
He said they would only issue credits to be used on future gains, no refunds. So if a billionare (on paper) went totally bust, no refund ever....would have useless tax credits
That’s true many moves from France to Belgium so they didn’t have to pay the wealth tax so France rescinded it.
This will really help Texas and Florida
A wealth tax really would have to be a federal tax before it will be effective. He was so right about it being basically useless at a state level because the wealthy are probably the only people with the finances to uproot their whole life comfortably and move to another state. You would be back at square one with “low tax revenue”
They’d be forced to change the tax to include the upper-middle and middle class earners which will make them want to leave as well. And the problem with California to begin with is that there is almost no middle class today. The state has a MASSIVE wealth gap. It’s basically a melting pot of the incredibly poor and the ultra wealthy. Same goes for NY.
In my 50 years on planet earth I can submit this is not the first time I’ve seen this tried. The news even said this is the second time this guy’s tried it. Heavily taxing the rich is the communist procedure, and not helpful. I’m a semi retired grocery clerk, middle class at best and I can say as an American, I believe the way to generate tax is to lessen unemployment, which won’t be improved overtaxing the successful in this country.
Btw: A federal tax is the very definition of communism. Not the way.
Why should people be punished for having money?
wealth taxes are going to get challenged in the courts and deemed unconstitutional if not the exodus is going to be extreme. if you own a home then that is an asset.
This is an awful idea, I love living in California, but the people here vote democrat and as a result is very difficult to get ahead economically
Unlike Red States like Alabama, Mississippi, Louisiana where folks really are ahead economically
whatever brah, California taxes the heck out my income and don't get much in return. I live in San Diego and the homelessness problem is off the charts despite all the money thrown at the problem @@mrpablomx
How is it hard to get ahead in California when most of the people selling their house and leaving the state have so much money to spend in other states? Also how is it all democratic policies that are a problem when they have had both Republican and Democratic governors and they have more republicans than any other state in the country?
They talk about equity a lot, soon everyone will be equally poor and dependent on government hand outs.
Last time California had a republican governor was back in 2011 so i don't know what you are talking about @AR-rn8ok
I live in NY and pay as much as any European but don't get free university for my kids or free healthcare. Not sure what I get exactly. Not happy. Don't be surprised if I'm out of here in 2 years when my youngest graduates...
a great many New Yorkers that moved to Florida. I should know.
The funny thing is as the wealthy leave they don’t divert their real estate so it’s still impossible to buy a home there. The solution is simple: adopt Florida and Texas tax system. 0% income tax and relatively high property tax with generous homestead exemptions.
"Unrealized capital gains" kinda like pre-income tax on what they think you will make.
It might be "fair" if the government gave back the money (with interest) to the unrealized capital gains that never became REAL gains. Of course, the government will never do that. If they did, then the extra bureaucracy would probably gobble up all the extra revenue generated.
@@reekinronald6776 it sounds better, but it becomes way too complicated. Plus it’ll be complicated for the individual to figure real or to pay for someone else to figure what about the elderly.
And don’t forget that California has also proposed taxing people even after they move out of their state.
Say goodbye to that 401k or IRA that you worked so hard to accumulate. All gone under these proposals. Same goes with your selling your house.
Oh sure... raising taxes on the wealthy... the ones who can most easily move... is sure to keep them in those states... the idiocy of politicians never ceases to amaze me.
How about reducing the size of government instead. Elections have consequences and Democrats never met a tax they didn't like 😂😂😂.
I left connecticut back in 2011 because they added a $200 to my monthly paycheck ...that scope creep into my cost of living triggered me to check why my cost of living was high and this new tax they announced was what got me to explore other options. I was single back then and by thank giving 2011, i left to houston. A year before, my cousin moved his family from phille to dallas to avoid wasting his life on a forever mortagage on a 80 year old house costing 500k. He now owns four homes renting out three of them. We built a brand new home back in 2016 for 330k and 3500 sq ft. Unimaginable in the north east in one of the burbs close to the big city.
So how do they know who should be taxed? Is every PERSON in California and New York going to have to inventory their worldly possessions every year to see if they will be taxed? I mean who determines what the value of an item is, like your Great Grandma's quilt? Can you dispute their value if you feel it is to high? And you just know they will start to lower the Taxable amount every so often until all are paying.
The proposals are on real property such as land and equity holdings.
Well that is good news if it stays that way, but if you read the fine print from Senator Warren's Wealth tax proposal she is after generational wealth. Thought this might end up being the same. I guess time will tell. @@breandanwheeler5267
I remember Bill Clinton valued his used underpants pretty high when he donated it to charity. Why not grandma’s quilt?
They are mostly focusing on property and stocks. Honestly, I can't see how they can implement a wealth tax without imploding the economy. Also, if they need more revenue why not just increase income tax and sales tax? Do they actually think they can fool people that they are not taking more money by going after wealth? A wealth tax really is taxing people based on their ethics of saving and investing.
Property? Stocks? We _already_ pay taxes on those. So, they're just going to double-tax us?? @@reekinronald6776
That's how you get everyone to leave your state! Tax the hell out of them. BRILLIANT!
'WEALTH" is superficial. It's not real money until it''s cashed out. The first investment they put me in a fund which had a big up year and generated a tax bite even though it was down at the time. Eventually the fund folded and was a loss for me but not the government.
If I were super wealthy then I would have already left California or New York. If I were truly wealthy then I’d leave the country and head to Monaco.
That would not make sense since they would be taxing the ones with the resources to relocate BUT remember they also wanted to pass a law that would allow them to impose CA income tax on anyone leaving the state for further ten years.
How can you charge someone on something you do not have
Perhaps rather than taxing the wealthy even more, pay attention to how you distribute those collected “tax” money. Trying to pick on a certain demographic is pointless if those money used are wasted. 😂
Wealth taxes equals wealth exodus
Don't they have to finish the Berlin wall, checkpoints, and exit visa requirement first to prevent the private jets and the corporations to leave the prison?
Tax until everyone leaves ? Now that's smart . That's what happened to Chicago . 😂
Parallels btw Ancient Rome and today
"Although taxes on ordinary Romans were not raised, citizenship was greatly expanded in order to bring more people into the tax net. Taxes on the wealthy, however, were sharply increased, especially those on inheritances and manumissions (freeing of slaves)."
Excessive Government Interference - Excessive Taxation - Excessive stupidity - Killed ancient Rome
Try it on your own kids first, Newsome.
If they spend their allowance on alcohol, tattoos and drugs, and don’t pay off credit cards- they are obedient citizens.
But if they set aside the first 20% and budget the rest, thereby building wealth. - CONFISCATE IT BEFORE THEY LEARN
INDEPENDENCE!
Squash the ANT and give his wealth to Drunken Grasshopper......Lefty Utopia.
What happens if those unrealized capital gains become losses years after the taxpayer paid tax on paper gains? Do they get a refund, plus interest from the state?
Wait, didn't CA just start providing healthcare for illegals on January 1? Including transgender surgeries for illegals?
I know it’s possible for liberals to learn but I don’t understand why they are unable to grasp that every single time that rates get cut that revenue goes up…
I’m just thankful they can’t get it. We welcome their wealthy here in Florida. Keep them coming
How about restricting worthless or non returning state expenditures and letting those who earn keep their earnings. The states likely are not doing much to help the earners earn, so why does the state believe it is entitled to any of the earnings?
Wealth tax is idiotic. It takes no effort, especially if you're wealthy, to just registered to vote in another state. Never have to get rid of any real property. And as long as you don't live in CA or NY for more than 6 months out of the year, you never have to claim residence in those two states.
Well then we find other ways little by little ofc it will be fought but it’s a step towards a better future the top 1 percent holds the majority of wealth that cannot be allowed
@@michaelg938 - No you wouldn't. The wealthy can move easily and not pay state income tax.
So California's answer to this problem is tax the people even more...
Once the wealth- and those who own it- move to states like Texas and Florida, what then will California and New York tax?
Will the last person to leave those states please turn out the lights?
Welp looks like my Florida properties are going to continue to go up in value. Thanks NY and Cali!
Serves these two right... I feel sorry for the people that have to stay there.
So more good News for Texas and Florida!!!!
Princes Leia: The more you tighten your grip .... the more .... will slip through your fingers.
You talk about mobility being the problem but not the fact it’s unconstitutional?
Mobility is unconstitutional ?
Wealth Taxes @@pushkeypushak
Ok comrade 😂. You think it’s illegal to move to another state?
Wealth taxes are unconstitutional. Taxing on unrealized gains is ridiculous
Only guarantees nearly everyone with any significant net worth will leave.
Doesn’t matter billionaires will find a loophole. California will eventually find a way to tax the middle class some way later on to make up for the shortfall.
They already charge a wealth tax in CA and NY. These welfare states have the highest state income taxes! The joke is on the people who live n CA and NY as people continue to flee these states. It would be nice if politicians were required to have economics and accounting education requirements. They just seem to not understand how the economy works!
Red states are 14 of the 15 and 18 of the 20 poorest. They also absolutely dominate the bottom of education rankings, health care and every economic & social well being stat, including life expectancy. Red states are also all net Federal tax moochers, NY. CA, IL. Ma, CT, NJ, subsidize the welfare moocher red states. NY every year is the largest net federal tax donor paying 25 to 30B more in taxes than they receive, while every red state, especially the low income southern ones are massive tax moochers. ..ie..KY is a 40B/yr tax moocher and all those other low income/low GDP southern states are 10 to 30B/yr moochers. There are 20 states with 7.25 minimum wage, they are all red states except one, they are the poorest states in the country as described earlier & massive federal government moochers. 71% of all GDP comes from blue areas voting areas in 2020, up from 64% in 2016...Lagging despite their hero Trump is what low income, low GDP, lack of education, etc... gets you from the red states/areas.
lol who’s fleeing the streets are full of people always have compared to red states that have more cows than animals
Balanced budget requirement so the answer is to increase taxes…not decrease spending?
Taxing Billionaires is fine. Taxing $450K income in NY is crazy- that is almost NOT a living wage
Like when Obama referred to the "fat cats" and drew the line at $250K/year.
Your are out of touch with reality or dont even live here if you think people making 450k are struggling in any way in nyc.
"TAX HIM NOT ME!!1!" You're part of the issue
You do not live in NY, clearly @@Zero11_ss
In NYC $450k is not rich! After taxes you basically have $225k left over. Now minus rent of $4500 per month, car insurance, car payment, $150 electric bill, 401k contribution, cable, gym membership, food, moderately enjoying life at restaurants, tolls, groceries 30% more than anywhere else, kids, and there isnt alot left over to be called rich. Do the math its not alot left over. 35-39% Federal tax, 6.8% NY state tax, 4% NYC tax.
I saw 3 expensive cars with Cal plates last week in the parking lot at Trader Joe’s in Austin. Next years revenue losses will be even greater for California.
STOP.KILLING WORKERS TAXPAYERS WEALTH TAXES NEEDED TO STOP UNFAIR TAXES OF WEALTHY
The inmates are running the asylum.
Unrealized gain is not accurate when you have the gain you use it for leverage on buying other assets.
Do they tax rich people who are given an expensive homes?
Are they then taxed on the money that was given to the same individual for the tax on the free home?
I want to know just in case I become the next governor of Ca.
Last time Ca was talking wealth tax they had planned that you must pay it for 10yrs after moving from the state......apparently that one didn't pass
The bad thing about everyone leaving Ca and NY........they're going to states that vote different from them
Many times for many years they’ve tried this.
As an American I just want to see steady employment at livable wages, HEY there’s the tax’s!
I wish every time this fails the communists behind it would move elsewhere.
Is it me or does that reporter Robert Frank look like the Clark Kent version of Superman?
All they have to do is move across the river to Jersey.
This guys face spells comedy. Hilarious
Wealth can move out. Poor cannot
“ Not willing to cut spending “ that’s the Damn problem!!
A tax on unrealized gains? Will you get a write-off for unrealized losses? I suspect not.
In practice, wouldn't retirees with residences in two states be exempt, since they could domicile themselves in either one? (Absent employment income tax slips, how would any state know where anyone lives? Are agents going to camp out outside someone's house for 183 or more days a year?) Someone please correct me if that's untrue.
It's slightly worse. You can be a resident of one state and employed by an enterprise in another. I have been a Texas employee of a California company. No California taxes, except sales and gas taxes while visiting the home office.
@@annelarrybrunelle3570 Yes, I thought of that. Clearly, WFH can even mean living in a different continent from the office. But I wanted to keep my comment short. Suffice it to say that no one is going to question a claim that one lives in the same high-tax state in which the operations of one's employer are domiciled, while the reverse may not be true.
Brilliant, just give the rich even more reason to leave your state thus further reducing tax revenue in the long run.
That will definately make them stay! " Please don't go!"
Dumb! Wealthy shouldn't be taxed more. The poor and middle class should get off their butts and go to work. There is to much free money rolling around.
CALIFORNIA STILL WANT TO PROVIDE FREE HEALTHCARE FOR MIGRANTS 🤔🤔🤔
To be fair one way to address the wealthy moving out is something like a mansion tax that California is trying. But that’s a one time shot so… who knows 🤷🏻♂️
When people leave those states do not bring your politics with you
soon it will only be the homeless left in California.
The crazy part is these rich people can make a home base in Nevada to avoid the tax and visit California as often as they want. They can stay at 5 star hotels for a week ir two whenever they want
Eat the rich, shall be the new California battle cry!
God forbid they should seriously consider spending cuts.
They must want them to move out next
State Governments - FIX your problems!
Explain to me how taxing more will solve any issues? The government only gets greedier if they see a chance to tax people for more. People really need to learn and remind themselves of how taxes were created in the first place.
Keep going! I for one left the shithole CA (as one of the 0.1% net wealth in the US) five years ago and have never looked back since.😂
My state tax since living the shithole has been ZERO!😎