Charles Payne on California’s Exit Tax Laws: It’s Like the Song ‘Hotel California,’ You Can Check out But You Can Never Leave

‘There’s something about the ethos of this nation’

EXCERPT:

PAYNE: "Well, they’re working on one more really feverishly now, Sean, because you mentioned the massive exodus of people there. The exit tax. Now this came up a couple years ago, they've been trying to work it in where if you leave the state, they can still tax you. It’s like that song, 'Hotel California,' you can check out any time you like, but your wallet can never leave, right? It’s really nuts. What they did a couple years ago, a couple of years ago, a few proposals. They started low, right, 30 million then down to single-digit millions. This one is an extra wealth tax, so they'll start with the billionaires first and they'll take a big chunk out of all of their assets ,they'll add them all up, and then in a couple years it goes down to $50 million. You and I have seen this movie before. At some point it would go from 50 million to 20 million to 10 million to 1 million to $400,000. You cannot leave the state. So you can’t afford your electric vehicle? So you can’t afford a mortgage? So you can’t afford all the taxes you just laid out? Too bad. You shouldn’t have been here. Now here’s the rub. What do they say justifies this? Well, California wants to recoup some of the money that it's invested in businesses and individuals. You know, that old canard we used to hear a lot from President Obama, we hear it a lot from Elizabeth Warren, that if you walk on the sidewalk, somehow the state is partly responsible for your success. Forget about the taxes we pay every day, forget about the blood, sweat and tears, forget about the savings and sacrifice. The fact that you live in California means that you owe California and how dare you attempt to leave."

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