California Democrats have an odd definition of the state’s power to tax:
California Democrats are looking to push legislation that would tax the state’s wealthiest residents, even if they’ve moved to a different state.
The bill was introduced last week by progressive Democrat Alex Lee, which is looking to impose an extra 1.5 percent annual tax on Californians with a “worldwide net worth” greater than $1 billion, beginning January 2024, with the intention of lowering the threshold to $500 million by 2026, Fox News reports.
“Worldwide net worth” incorporates diverse holdings such as farm assets, arts and other collectibles, as well as stocks and hedge fund interest.
This is the second time in three years that a wealth tax has been approved by the California Assembly. A similar bill from 2020 was ultimately shot down by the state Senate.
This updated version will allow California to impose the tax on residents for years after they’ve left the state.
I added the emphasis.
Mind you, California’s governor, whom I’ve been told has national ambitions, is highly likely to sign it should it reach his desk. But then, he’s just as demented as his co-partisans in the legislature:
— Norah O’Donnell 🇺🇸 (@NorahODonnell) January 24, 2023
The arrogance of a man who proclaims such a thing while surrounded by armed security is beyond my power to capture in a net of words. But beyond that, does he really believe he can get elected while denigrating an essential component of the Constitution of the United States – in a nation with nearly 100 million gun owners?
Apparently Joe Biden isn’t the only case of serious brain decay in high office.