[Ed. – If I recall correctly, New York has had some version of this. It wasn’t a wealth tax, per se, but it was about continuing to collect on the putative profit value gained from doing business as a citizen of New York. Don’t know how the California proposal would stand up to a legal challenge. Sigh.]
Fox Business Network anchor Neil Cavuto questioned California State Assemblyman Rob Bonta on “Cavuto: Coast to Coast” Friday over his proposal to institute a 0.4% wealth tax on Golden State residents worth more than $30 million.
The Alameda Democrat told Cavuto the proposed tax “affects about 0.15% of the California population — not the top 10%, not the top 1%, the top .15%, about 30,000 people” and would generate $7.5 billion in revenue for the state. …
Bonta added that his proposal would apply a “phased-in approach” to make sure Sacramento recoups its share of the income of a California resident who leaves the state.
“If you move in Year One, 90% of the tax bill applies…” he said, adding that the following year it drops to 80% and so on until it is phased out to zero.