Across the country, at least ten states are now exploring or have already passed an exit or wealth tax in order to combat revenue losses from residents fleeing to lower tax areas.
That includes California, New York, Washington, and Michigan.
You tally up the value of your home, your cars, your furniture, your assets, your stocks, your bonds, your art and there is a tax on that value,” Sandra Swirski, Founder & CEO of Integer told The National News Desk.
Swirski said among the most prominent is California's proposed "Billionaire Tax Act," which would impose a one-time 5% tax on the total net worth of anyone worth over $1 billion living in the state.
Which would impact at least 200 people.
The value of these assets, your net worth, in some cases is very easy to calculate, stocks and bonds and alike.
In other cases it's really difficult to calculate,” said Swirski.
Another state, Washington, who just passed a 9.9% tax on incomes over $1 million.
dollars.
The bill’s passage came around the same time Starbucks CEO Howard Schultz, who has an estimated net worth of over $3 billion, announced his move to Florida.
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