California plan for wealth tax on anyone who spends 60 days a year in the state

Re:California plan for wealth tax on anyone who spends 60 da... by scrollaway on Saturday December 19, 2020 @01:42PM (#25479896)

20m * 0.004 = 80k. GP isn't bad at math, you just fail to understand how these types of taxes work.

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Re:California plan for wealth tax on anyone who spends 60 da... by accountLost on Saturday December 19, 2020 @02:41PM (#25480468)

Took me a few minutes to figure it out. chipotle_coyote comment make sens if the tax is 800k. 50m*0.04 = 2m = 800k+600k+600k The tax is not 800k but 80k though. So it should be 80k+960k+960k.

So you could pay the tax, draw out $960K a year (I mean, you can live on that, right? Not a hardship?), and still have another $960K left over.

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