The California legislature proposes scheme after scheme to tax the wealthy.
California’s proposed wealth tax, Bill 2028, would apply for a decade to anyone who spends 60 days in the state in a single year.
Here are the details.
- A 0.4% tax on residents with a worldwide net worth in excess of $30,000,000 ($15,000,000 for a married taxpayer filing separately).
- The proposed tax would apply to residents, part-year residents, and temporary residents.
- Temporary residents are defined as those who stay in the state more than 60 days during the calendar year. For part-year and temporary residents, the tax would apply proportionally based on the number of days they are in the state during the year.
- 10-year lookback provision : The portion of a taxpayer’s wealth subject to the wealth tax is multiplied by a fraction, the numerator of which shall be years in residence in California over the 10 preceding years with 10 years being the denominator.
Assets Subject to Taxation
Stocks, options, bonds, cash, farms, in short, everything is covered including unrealized gains. – READ MORE
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