Democrats want to steal the wealth that hardworking Americans have created.
Their awful ideas could destroy our nation.
Democrats just introduced a terrifying new tax bill that could change everything.
California’s taxes are among the highest in the country. Residents in the state pay sales tax of 7.25%, which is the highest in the country, an income tax, ranging from 1% to 13.3%, and income tax adds a “millionaire’s tax,” a 1% surcharge to any income over $1 million.
All of these taxes are on top of federal taxes. Now California lawmakers have decided that there aren’t enough taxes in their state and introduced a bill that would impose a “worldwide wealth” tax.
The bill would tax Californian residents who have a “worldwide net worth” above $1 billion at a rate of 1.5%, in the 2024 and 2025 tax year. However, in the future years the bill would create a 1% annual tax for a resident’s worldwide net worth that exceeds $50 million.
“With this modest tax on the ultra-wealthy who pay a lower effective tax rate than the bottom 99%, we would have sustained investments in our schools, tackle homelessness, maintain and expand needed services, and much more,” California Democratic Assembly member Alex Lee said in a press release. “We’ve been losing our lower and middle-income residents that are being priced out of this state because they can’t afford the high cost of living while shouldering the burden of paying for our roads, infrastructure, and schools all the while the ultra-wealthy doubled their fortunes during the pandemic.”
And this tax would follow people even if they decide to flee California, even once people leave the tax will follow them for four years with the tax being determined with a mathematical equation based on the number of years that resident lived in California over the last four years.
While Democrats claim they are only going after the rich, they are actually punishing workers as jobs leave the state.
The rate of California businesses leaving the state is soaring. There were 153 companies that relocated headquarters out of California in 2021, compared to the 46 that exited in 2018.
Joe Lonsdale, a venture capitalist and entrepreneur who recently moved to Texas from California, blasted the bill in an interview with Fox Business. “This is really more a theatrical production going on in California,” he commented. “The state’s a total mess. And what they’re doing here is they’re signaling something crazy, and they’re probably going to compromise and tax the billionaires more some other way. But it’s really ridiculous.”
However, California isn’t the only state considering a wealth tax. Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York, and Washington State introduced similar wealth tax legislation last week.
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