By Bob Walsh
A legislative proposal may be
making its way thru congress specifically intended to invalidate the
proposed "wealth tax" in the formerly great state of California.
It
should be noted that the proposed 5% billionaire tax in CA is nowhere
near passing and there is a pretty good chance it will not pass and a
pretty good chance that Gavin Newsom would decline to sign it into law
if it makes it to his desk.
The
idea from the feds is that a retroactive tax is inherently wrong.
There is also some reason to believe that CA may have legal issues with
what amounts to a wealth tax, as opposed to an income tax. In addition
the implementation and management problems of such a levy would be
considerable and might make it unworkable.
The
mere fact that the proposal is being pushed in CA is having the effect
to pushing the uber-wealthy OUT of California. It is being primary
pimped by unions as a "fuck those rich bastards" proposal. Such things
are very popular with much of CA. The majority of the voters in CA,
some of who are actual citizens, are net tax consumers and not net tax
payers, so they really don't give a shit.
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