Comments by "bighand69" (@bighands69) on "Proposed California wealth tax would impact millionaires even if they move" video.

  1.  Richard Mincer  Income is not a wealth tax it is income tax. Wealth tax means on existing wealth. Until we see the complete proposal and amendments we will not actually know what is going down. Key with most of these policies is to not alarm people and tell them their cities are not on fire and that the far right media is lying.
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  2. The thing that people do not understand about this tax is that it is not based on income but how much wealth a person has. So while somebody has a net worth of $120 million it does not mean they have that in cash and may only have 10 million in cash. Somebody with $120 million will have to pay $300000 to $400000 a year. So after 10 years they will have paid about 3 to 4 million in tax but still may only have 10 million in cash.
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  3. I am not convinced that they will have constitutional ability to create a historical tax that can go back up a decade. Tax is normally filed on the basis of where a person lives. So does that mean somebody who lived in california 5 years ago and has made their money else where is now subjected to taxation. Democrats in California can try to apply this but I doubt people living in other states will obey and will challenge such in the courts.
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