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BA Deere
Honored Advisor

Wealth Tax, decade`s new buzzword?

If we have a "blue wave" I guarantee you a wealth tax will be on the docket ...but some how if you`re not for it you`re a "2-stepper, don`t understand the book Animal Farm, in a cult, listen to Q, ect".  I received my property tax bill in the mail, first half due by Oct 1 or they soak you 1 1/2% interest a month.  Like Dad said, we might technically own the land but we still have to "rent" it from the county.   And Minnesota is worse than Iowa and Nebraska is worse than Minnesota "So quit your bitchin`!"

It`ll start out slowly "it`s only for millionaires and billionaires" well, isn`t everyone a "millionaire" these days?

https://www.armstrongeconomics.com/world-news/taxes/i-strongly-urge-readers-to-leave-california-new-...   

 

California is looking to impose a Wealth Tax as Elizabeth Waren had proposed which is Piketty’s idea which is supported by Schwab’s World Economic Forum in Davos. This will be on worldwide property – not income. The tax rate annually will be 0.4%. Even if you lose the money you will be taxed every year in addition to income taxes which are already the highest in the United States.

The problem here is not just worldwide income, California went after people who retired and left the state. They argued that their retirement income was previously earned in California so you had to pay California income taxes on your retirement funds even if you left California. This is the ultimate tyranny. You are paying taxes as a slave owned by6 California. You are NOT paying your fair share because you are not using the state’s resources or benefits. This is once again – taxation without representation. You will have no right to vote in California because you are not a resident. Nevertheless, this is the TRUE view of socialists – you are the property of the state. Socialists do not tolerate classes. Their core belief is everything belongs to them. My family fought in even the American Revolution. This is precisely what they fought against.

These governments are looking at the very same scheme to continue to tax you on the worldwide property even if you leave. I strongly advise you to move to a Red State ASAP. Florida has a lot of retired people so the politicians are more constrained. It may be your last chance. California Dreaming is now all about them and how they dream of new ways to exploit you even more.

States have lost income because of their stupid COVID lockdowns. Of course, they never reduce their expenses and after wiping out people’s jobs, they are looking to make up their losses in revenue with new creative ideas. As I warned, people simply began walking away from their property in Rome because of such corruption like this. Those in power only see their own power and self-interest. This is why we need so desperately to eliminate career politicians. Until that happens, there will never be a government of “We the People” no matter what.

Let’s be honest here. There is NO way any state government will ever STOP raising taxes. They are incapable of ever seeing themselves as the source of the problem. The audacity to try to continue to tax people forever because they once worked in California is the ultimate tyranny. They reduce everyone to just their economic slaves to be exploited with no connection to paying for common infrastructure or expenses since you use nothing when you leave.

22 Replies
sdholloway56
Senior Advisor

Re: Wealth Tax, decade`s new buzzword?

You are aware where the pore American Carnage folks’ money went, aren’t you?

It went to rich folks.

r3020
Senior Advisor

Re: Wealth Tax, decade`s new buzzword?

You are wrong again Nox. The rich folks is where it came from.

sdholloway56
Senior Advisor

Re: Wealth Tax, decade`s new buzzword?

Any other zombie notions you’d care to share?

BA Deere
Honored Advisor

Re: Wealth Tax, decade`s new buzzword?

I thought your buddy RJG looked at the "pore American Carnage folks’ money" and said "it wasn`t worth messing with"?   Correct me if I`m wrong, but just because you don`t mess with the Uncle Sugar money that won`t exempt you from being subject to the  Democrat wealth tax.

sdholloway56
Senior Advisor

Re: Wealth Tax, decade`s new buzzword?

There are a lot of problems with a wealth tax.

I think I’d just rely on an estate tax that is nearly confiscatory above $50M or so, with a full spousal exemption.

Even that doesn’t have a lot of fiscal impact. It is social policy to limit a hereditary oligarchy.

 

sdholloway56
Senior Advisor

Re: Wealth Tax, decade`s new buzzword?

As I’ve said, I think it is as American as apple pie to set the exemption at the value of a really nice homestead quarter.

That would eliminate about 98 pct. of estates. 

Although as often noted, the Kraft plan is the soundest in terms of taxation principles.

bruce MN
Advisor

If nothing else, it’s actually refreshing....

.. to witness Republicans discussing a classic “conservative principle” in light of the batshltery that is passing for it these days.
sdholloway56
Senior Advisor

Re: If nothing else, it’s actually refreshing....

I think there are more than a few folks among the oligarchs who are aware that the next great crisis of capitalism will be driven by the upward redistribution of wealth and income.

Although some are like poor Bill Gates- whose pile keeps growing faster than he can give it away.

What's I see the other day? Bezos' ex gave away a couple $B but made it back in a week?

BTW, if I understand the tax law correctly, you can write off the 100% of the proceeds from the gift of stock, then turn around and offset it by selling and keeping the proceeds from the same amount. In Bezos' case the cost basis on each Amazon share is essentially nil. It's just funny money.

RJG640v8
Advisor

Re: Wealth Tax, decade`s new buzzword?


@sdholloway56 wrote:

As I’ve said, I think it is as American as apple pie to set the exemption at the value of a really nice homestead quarter.

That would eliminate about 98 pct. of estates. 

Although as often noted, the Kraft plan is the soundest in terms of taxation principles.


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estate planning , forming trusts , forming corporations. Personally use both, but heavier with corporations and holding companies. The latter also helps with risk management and liability considerations.  Sole proprietorship is ok until a certain wealth threshold is hit. Once over that threshold you had better be looking at some more tools.

Bigger for me is the risk management and liability concerns. I would challenge any and all to look at their situation and seriously consider incorporating.  I have separate corporations for the cattle, machinery, vehicles, land, parcels with buildings. They then funnel to holding corporations and then finally to the mothership corporation. 

Those breaks between are fire walls. IE; cattle get out, cause an accident , limits the liability to that specific corporation and shields/protects the other corporations. So, in that scenario they get the cattle corporation worth and that stops the bleeding.