As if California taxes weren’t high enough, they now have a proposal to raise them to new heights! I’m not sure how anyone will live in California if this goes through.
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Forbes did a nice article on the topic which you can find here:
This is crazy for so many reasons. I have flipped houses in California before and I was very surprised to learn they wanted me to pay state income tax right then and there at closing. I had never seen that in any other state.
They want to tax the ultra wealthy .4% based on their net worth. I have no idea how they are going to calculate net worth with these people. It’s no wonder Elon Musk wants to leave and move Tesla to Austin, TX. But even if he moves, they will still go after him for those taxes! The world is crazy.
#taxes #california #wealthtax