Editor’s Note: The threat of asset seizure alone will have knock-on effects, even if the law does not pass. If it does pass, making it retroactive is a dirty trick designed to tax only those who you have caught unawares. ~jrs
California’s wealthiest residents are threatening to leave the state and take their businesses with them in light of a proposed ballot initiative to get billionaires to cough up more tax, according to news reports.
A ballot initiative proposed by the Service Employees International Union-United Healthcare Workers West would impose a one-time 5% tax levy on those with fortunes of more than $1 billion who lived in the state as of Jan. 1, The Wall Street Journal wrote.
Read the entire article: Financial Advisor IQ – California Billionaire Tax Proposal Has Ultrawealthy Move Offices, Threaten Leaving