California just doesn’t seem to understand.

The rich continue to flee the state in droves. Companies like Tesla are out. Moving companies are overwhelmed.

And what does the state legislature do? Raise taxes on the rich. Retroactively.

A bill passed the Assembly that proposes increasing tax rates on high income Californians by up to 3.5%.

And if the bill passes, it will be effective retroactively to January 1, 2020.

California already had the highest income tax rate of any state in the US by far. But this tax hike will bring the top rate for those earning more than $5.9 million to 16.8%.

On top of that, yesterday several state lawmakers introduced a wealth tax– which would take a slice of someone’s net worth, instead of just their annual income.

Most of the people who are subject to paying these taxes are already working from home and incredibly mobile. They can easily leave the state, which will result in a tax LOSS for California. Another victory for socialism!

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Poster Comment:

At this rate California, Chicago and New York will go under really soon. Nancy Pelosi is trying to squeeze billions out of the Stimulus to bail out Blue State idiots.