The new proposal will first be increasing the state’s already record high income tax rate on top earners, from the galling 13.3% levels to now become the offensive 16.8%.

But as well there will be a new wealth tax on those holding assets with a value of $30 million and above. This is regardless of where those assets are located; the tax would include any and all holdings outside the state. Properties owned in other states, as one example, would be calculated towards your net worth and taxed — in California.

Then it becomes truly offensive. More than including part-time citizens and those with a dual residency in another state, this new surcharge on the wealthy would take effect on anyone who spends only 60 days within the state’s borders. Those who visit family a couple of times a year could become at risk. //

The new proposal will first be increasing the state’s already record high income tax rate on top earners, from the galling 13.3% levels to now become the offensive 16.8%.

But as well there will be a new wealth tax on those holding assets with a value of $30 million and above. This is regardless of where those assets are located; the tax would include any and all holdings outside the state. Properties owned in other states, as one example, would be calculated towards your net worth and taxed — in California.