• Thu. Jun 13th, 2024

California exit tax

Jul 2, 2023

Let’s discuss the California exit tax, where if you attempt to leave the state, Sacramento gang bangs your bank account for 10 years. I have both good news and bad news to share. The good news is that if your net worth is below $50 million, you don’t currently need to worry about this tax. However, the bad news is that you should still be very concerned because government programs tend to expand and evolve into what they said it wasn’t over time.

When the federal income tax was introduced by the IRS in 1913, it was initially portrayed as a tax targeting the wealthy. However, it quickly shifted gears and began to affect everyone. Now, a century later, we are still burdened by this ongoing monkey dance, illustrating two inherent issues with government policies.

Firstly, once such policies are set in motion, it becomes nearly impossible to halt or reverse them. Secondly, they tend to escalate and evolve, much like the growth of Pokémon. Initially, you may encounter a cute little Pikachu, but eventually, you will find yourself grappling with unexpected challenges, akin to Rachel Levine in a bikini attempting to engage in mud wrestling with you.

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