- California wants to impose an exit tax on individuals and businesses leaving the state. - The tax applies to individuals with a net worth of over $30 million and businesses worth more than $30 million. - If you're determined to be worth $30 million or more, you'll need to pay 4% of your taxes for the next 10 years after leaving California.
🛡️ Expansion of Wealth Tax in California
- California plans to start imposing a wealth tax in 2024 on individuals worth $1 billion or more. - From 2026, individuals with a net worth of $50 million or more will also be subject to the wealth tax. - This tax will be an annual percentage-based tax on wealthy individuals.
💼 Legal Implications and Enforcement
- California is empowering attorneys to investigate tax evasion and improper tax payments. - Attorneys can extort individuals or report them to the state for tax evasion. - This legal approach adds an additional layer of enforcement for the exit tax.
🏢 Exit Tax for Businesses
- The California exit tax isn't limited to individuals; it also applies to businesses. - Businesses leaving California with a value of more than $30 million will be subject to the exit tax. - This can add a significant financial burden on businesses looking to relocate.
🤖 Strategic Plan to Control Wealth and Population
- California's policies seem to be driving out wealthy individuals and businesses. - The government may gain more control over the population as a result. - This could lead to a shift in the economic landscape and property values in the state.
🛒 Impact of Minimum Wage and Automation
- California is increasing the minimum wage to $16 an hour, which may lead to automation in large corporations. - Automation is on the rise globally, reducing job opportunities. - The government's control over the population may increase as a result of these economic changes.
🌐 The Comprehensive Strategy
- California's policies appear to follow a comprehensive strategy: flush out wealth, control the population, increase minimum wage, and impose taxes. - The goal seems to be funding government projects and gaining more control over citizens. - The state's direction is causing concern among residents and businesses.
🚀 Recommendations and Conclusion
- If you're in California, consider leaving as soon as possible to avoid the exit tax. - Be cautious about your social media presence, as it could be used against you for tax purposes. - Seek professional assistance if you're looking to leave California or the United States to lower your taxes and protect your assets.
DISCLAIMER: This video is not tax and/or financial advice. Any information or advice I give is purely based on my own experience and research. I am not a tax professional and/or lawyer and/or accountant so I am not liable for any steps you take to lower your taxes. I'm not a financial advisor nor do I pretend to be. Always do your own research.
