Growing number of blue states proposing wealth, exit taxes

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Growing number of blue states proposing wealth, exit taxes​



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.
 
Cavalry

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I know members here have gotten audited/etc after escaping. I really am curious how this works? Other than getting a license in another state how would they even know you moved out of state?
Pay your state tax on your last NY income and move on.
 
Cooolone

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NY has been implementing an "exit" AUDIT program for years! Most especially for residents who relocate to Florida, or, typically, retiree's!

But I don't believe the amendment granting the ability to tax "income" includes taxing accumulated "wealth"... Basically, a double taxation...

It won't survive SCOTUS muster, but as NY'ers are well aware, this won't stop the State from doing it!

It's high time for a new Constitutional Amendment which evaporates any shield laws for elected officials who LEGISLATE unconstitutional acts... They should with little doubt be held to account and suffer consequences!
 
Jsmegs77

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I’m sure many of the people who would be affected have seen this coming for some time, and have moved assets into holding corporations and the like, thus owning little or nothing personally.
 
Saltwater60

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Completely illegal an unethical. You’re leaving because of high taxes so let’s punish you on the way out. If I move back in 5 years are they going to refund me the exit tax? How about new people moving in are they paying them ?
I would like to see someone refuse to pay it and see what recourse they have to collect it. If I’m no longer a citizen of that state their laws don’t apply to me. I’m still a citizen of that state until I take certain actions in my new home state. There is no overlap legally speaking I n most cases. I’m curious how this works.
 
1075tech

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Other than the tax I had to pay for selling my house, I just left. Paid income tax for the few dollars I earned while living in NY for the 22 days that year. Mailed my plates back when I registered my vehicle locally. NY suspended my no longer valid registration because the notice of insurance change beat the plates to DMV
 
Jsmegs77

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1075tech said:
Other than the tax I had to pay for selling my house, I just left. Paid income tax for the few dollars I earned while living in NY for the 22 days that year. Mailed my plates back when I registered my vehicle locally. NY suspended my no longer valid registration because the notice of insurance change beat the plates to DMV
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A cautionary note: your driving privilege is likely also suspended in NY. I had this exact scenario, and along with my registration they suspended my driving privileges. Didn’t notice or care until caught in a DOT stop where I was informed I was not permitted to drive until I paid the fines to NY for the registration suspension.
 
GOPerfect

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This of course, will be found unConstitutional.


An exit tax—a tax imposed on assets when a person renounces citizenship or residency—would likely face legal challenges under the U.S. Constitution for violating the Direct Tax Clause, the Sixteenth Amendment, and potentially the Due Process and Commerce Clauses. Key arguments focus on taxing "unrealized gains" and restricting the right to travel/leave
 
1075tech

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Jsmegs77 said:
A cautionary note: your driving privilege is likely also suspended in NY. I had this exact scenario, and along with my registration they suspended my driving privileges. Didn’t notice or care until caught in a DOT stop where I was informed I was not permitted to drive until I paid the fines to NY for the registration suspension.
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I think there was something in the notice about that too. But IIRC, it was for a defined number of days.

It was over 4 years ago. Details are a little foggy now
 
Saltwater60

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Jsmegs77 said:
A cautionary note: your driving privilege is likely also suspended in NY. I had this exact scenario, and along with my registration they suspended my driving privileges. Didn’t notice or care until caught in a DOT stop where I was informed I was not permitted to drive until I paid the fines to NY for the registration suspension.
Click to expand...
I would guess either your registration, and Maranda, or plates didn’t get cancelled or marked as turned in.
 
VietnamEraVet

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Parzival said:
Talks around SC are adding a “Yankee Tax”, one time fees on your registration and drivers license when you relocate here.
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I have not heard of any such thing here in Fort Mill, SC , - although some native Southerners joke about “the war of northern aggression“ still being ongoing…LOL!

The only thing people will occasionally say something to newly relocated “northerners” is to the effect of “please don’t bring any of those liberal policies down here from where you fled to move here…”.
 
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VietnamEraVet said:
I have not heard of any such thing here in Fort Mill, SC , - although some native Southerners joke about “the war of northern aggression“ still being ongoing…LOL!

The only thing people will occasionally say something to newly relocated “northerners” is to the effect of “please don’t bring any of those liberal policies down here from where you fled to move here…”.
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They call it the “great northern invasion” here.
 
VietnamEraVet

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Parzival said:
They call it the “great northern invasion” here.
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I see so many NY license plates here that sometimes I feel like I am driving back in my old home state.

The number of ex NYer’s who have, and are increasingly moving here to NC & SC (Charlotte area) is honestly staggering.

Many people refer to Charlotte as “little Buffalo”. And a new Wegman’s that will be less than 10 minutes away from me is opening this fall. A local Facebook group called “Bring Wegmans to Charlotte” has around 9,000 members, and basically someone posts drone videos daily of the construction progress. Can hardly wait!

Come on down!
 
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TEOTWAWKI inc.

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Jsmegs77 said:
A cautionary note: your driving privilege is likely also suspended in NY. I had this exact scenario, and along with my registration they suspended my driving privileges. Didn’t notice or care until caught in a DOT stop where I was informed I was not permitted to drive until I paid the fines to NY for the registration suspension.
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I had this happen to my non-existent NY DL for each vehicle I registered in TN. TN said my DL is fine. I have not been pulled over in NY yet to see their interpretation of a suspension of my non-existent NY DL.

Fuck NY
 
Jsmegs77

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1075tech said:
I think there was something in the notice about that too. But IIRC, it was for a defined number of days.

It was over 4 years ago. Details are a little foggy now
Click to expand...
Mine was two years after moving. Didn’t come up with anything on my PA license/MVR but apparently they search for other licenses and my no longer valid NY license came up. I was unable to get any further clarification than “You can’t operate a motor vehicle in NY until these fines are paid”.
 
Jsmegs77

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Saltwater60 said:
I would guess either your registration, and Maranda, or plates didn’t get cancelled or marked as turned in.
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They were absolutely turned in and I had receipts. But, I changed insurance to PA which canceled the NY policy as my insurer had to write a new policy for my new home state. This occurred before I turned the plates in, and when I did return the plates there was no mention of any such thing. I did get a letter or two in the mail forward about registration being suspended, which I didn’t pay any mind to as I’d already returned the plates by that point and chalked it up to NY DMV being, well, NY DMV.
 
Saltwater60

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Jsmegs77 said:
They were absolutely turned in and I had receipts. But, I changed insurance to PA which canceled the NY policy as my insurer had to write a new policy for my new home state. This occurred before I turned the plates in, and when I did return the plates there was no mention of any such thing. I did get a letter or two in the mail forward about registration being suspended, which I didn’t pay any mind to as I’d already returned the plates by that point and chalked it up to NY DMV being, well, NY DMV.
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That’s why. If you don’t turn in your plates first they fine you like $2.50 a day or something. They assume you are still driving.
 
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VietnamEraVet said:
I see so many NY license plates here that sometimes I feel like I am driving back in my old home state.

The number of ex NYer’s who have and are increasingly moving here to NC & SC (Charlotte area) is honestly staggering.

Many people refer to Charlotte as “little Buffalo”. And a new Wegman’s that will be less than 10 minutes away from me is opening this fall. A local Facebook group called “Bring Wegmans to Charlotte” has around 9,000 members, and basically someone posts drone videos daily of the construction progress. Can hardly wait!

Come on down!
Click to expand...
Heck, 25 years ago my work moved me to York, SC for an assignment. Within a couple of weeks I had met people who were from the next town over from where I grew up in Allegany County. Plenty of yankees in the Caroiinas.
 
VietnamEraVet

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Modean said:
Heck, 25 years ago my work moved me to York, SC for an assignment. Within a couple of weeks I had met people who were from the next town over from where I grew up in Allegany County. Plenty of yankees in the Caroiinas.
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Whenever I drive around Clover, and the York area, I feel like I am in East Aurora or Elma,- or the Southern Tier going between there and the Olean area. Beautiful area, just like home in NY.

Are you still down here @Modean? Ever eat at the Hoof & Barrel, or the Clover Harvest?
 
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Cooolone

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It's the taxing "wealth" that is the issue! So they do that this year, and need more money next year... Do they reassess your wealth and hit you with more taxes again, based upon your newly accumulated wealth... that you've most likely already paid income taxes on, and sales taxes on accrued property, etc.

It is a bottomless vortex to create such a scenario... But more likely than not, NY'ers would accept it and not do much of anything about it than bitch & moan! Sad truth! Sorry to say!

The entire legislative body is as complicit as the States Executive! There are NO politics in NY, the 3 Men in a Room was the epitome of the old Tammany Hall politics in contemporary times!

Here in NC, the new Executive wanted to halt a legislative enacted law which reduces State Income taxes, get this, because of "potential" future expenses, ie, wanted pork barrel Democratic spending. The legislators would have none of it! And our income taxes will be below 4% ... Now you don't get much services in return but that's quite ok!

What I love seeing is an actual legislature that represents its constituents! In NY, that would and will never, ever happen! Get ready for that Progressive Tax Program to sure up NY deficit spending! They'll keep bleeding you a cut at a time, keeping you breathing but not much living!

At least in ancient Rome, when Caesar needed finance, they'd deport and banish you on trumped up charges, seize your property and sell it off! Lmao... Most times to pay the armies and keep them from storming the gates of the city to collect owed wages, hahahahaha.

Anyways... Enjoy your day!
 
RedBreast21

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The discussion of an exit tax is nothing new in Albany. It just never made it out of committees. But if they think that this is the proper time, with the hemorrhaging of the corporate tax base and they believe they have a political tailwind, go for it. Mandami is applying pressure to Hochul as he believes NYC wants it and he can turn out the votes for her in NOV. Big gamble on his part. NYC isn't behind him in the numbers he thinks. He should look at the election numbers. Not the totals so much but the demographics of who didn't show up to vote. :beer:
 
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