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Yesterday, we read an article written by Virginia La Torre Jeker, JD that caught our attention! You should read her article as it is beautifully written as she always does an outstanding job. However, we ask you to carefully read through the Bill No 2088 Text as tax professionals and taxpayers globally will be stunned what Virginia La Torre Jeker brings to light:
“California’s Legislature is contemplating a wealth tax on ANY person who spends more than 60 days within the State in a single year. Assembly Bill 2088 will assess a wealth tax annually for a 10-year shadow period and extend to residents, part-year residents, foreigners – in short, every individual who is in the state for over 60 days in a calendar year. Even those who move out of California to another state, or foreigners who return to their home country, say, after extended medical care in Cedars Sinai Hospital or attendance at UCLA, would continue to be subject to the wealth tax for a decade. The law makes no distinction between a nonresident from North Dakota or a nonresident from Dubai.”
Here is a portion of California Legislature Bill No 2088 you will want to read:
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
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