Originally Posted by
OOfff
sounds scary in a talk radio sound bite, but it’s fairly logical in practice once you understand the loophole it’s designed to close.
also, since few of us are worth $30m, it’s not much to worry about.
It's a ridiculous exit tax. First, only applies to $30 millionaires, why not everyone? Or no one? That's hardly equal,protection of the law. Second, if I decide to move to a lower tax state, where does Cali have the right to chase my capital? Since when is moving to another tax jurisdiction a "loophole"?