California Activist Proposes Wealth Tax and Probably Unconstitutional Exit Tax
" And If You Leave California They Size 55% Of Everything Over $20 Million !"
Earlier this month, a California activist began gathering signatures to put a state wealth tax on the ballot. The measure would impose a new 35% income surtax (in addition to federal taxes and the existing 10.3% top state rate), and penalize people who leave the state by seizing 55% of assets exceeding $20 million.
The money raised would be used to eliminate the state's budget deficit and for purchasing controlling shares in large corporations.
The 17.5% surtax is unusual because it would be on a taxpayer's total (not marginal) income whenever it exceeds $250,000, with another additional 17.5 percent tax...