Quote Originally Posted by iris lilies View Post
I welcome the State of California imposing the weath tax! I would like to see how that works.

There are European countries doing this and everything Euro is good.so yay, bring on the wealth tax—to the state of California.
I understand Norway, Switzerland and Spain have recurring (ie not just at death) taxes on net worth. France and Italy have partial wealth taxes, I think on foreign residents or assets held outside the country.

A number of countries have tried and then discontinued it because it’s difficult to administer and incentivizes a certain level of gamesmanship.

My understanding of the California proposal was that it would be a tax on the worldwide assets of current and former residents.