CITY.
NEIL: THAT’S INCREDIBLE, IF MY
WIFE HAD TO COLLECT ONE OF
THOSE, SHE COULD FILL UP THAT
WHOLE ROW BEHIND YOU.
THANK YOU VERY, VERY MUCH.
GOOD STUFF.
IN THE MEANTIME WE TOLD YOU
ABOUT CALIFORNIA WHO JUST HAD A
SPIKE IN CASES, 600,000 TOTAL
CASES, THAT’S A BIG STATE, A LOT
OF PEOPLE GET THAT BUT IT’S A
COSTLY ISSUE FOR CALIFORNIA AS
WELL, RIGHT NOW THE FEDERAL
GOVERNMENT HELPING AND MOST
STATES.
THIS IS A SITUATION THAT WILL
KEEP CALIFORNIANS IN THE RED
UNLESS SOMETHING IS DONE AND
THEY WILL HAVE SPENDING RATES
AND RAISE TAXES, I GUESS AN
ASSEMBLY MAN IS SOUNDS LIKE A
WEALTH TAX ON THOSE FIVE WORK IN
EXCESS OF 15 - 30000000
INDIVIDUALLY, CAN YOU SIGN ON
WITH THAT?
>> YES, THANK YOU FOR HAVING ME, WERE PROPOSING A WEALTH TAX
WERE PROPOSING A WEALTH TAX
WHICH APPLIES .4% TAX ON WEALTH
ABOVE $30 MILLION, IT AFFECTS
ABOUT 1.5% OF THE CALIFORNIA
POPULATION, NOT THE TOP 10% WERE
THE TOP 1%, THE TOP .15%, 30000
PEOPLE, SHOULD GENERATE SOME
$.5 BILLION A YEAR.
NEIL: HOW DOES IT WORK, IS IT
15 MILLION FOR INDIVIDUALS,
30 MILLION FOR INDIVIDUALS, HOW
DOES THAT WORK.
>> YEAH, IF YOU’RE A MARRIED
COUPLE FILING JOINTLY, IF YOU
$30 MILLION IN JOINT ASSETS, THE
OVER TO 30 MILLION IS WHAT IS
TAXED, IS TAXED AT THE .4%, YOU
GET THE FIRST 30 MILLION UNTAXED
IN THE NEXT 10 MILLION IS TAXED
AT $40000, THE NEXT TEN ANOTHER
$40000.
NEIL: IF I AM ONE OF THE 30000
OR WHATEVER YOU SAID ASSEMBLYMAN
ASSEMBLYMAN, WHAT’S TO STOP ME
FROM BOLTING, MARK WOULD’VE PUT
UP WITH THIS, I’M OUT OF HERE, MANY HAVE ALREADY.
MANY HAVE ALREADY.
>> A COMMON ARGUMENT AND
CERTAINLY WORTHY OF
CONSIDERATION, CALIFORNIA WE’VE
HAD TAXES ON MILLIONAIRES IN THE
PAST WE RAISED THEM IN 2012 BY
3% IN MILLIONAIRES AND
BILLIONAIRES IN CALIFORNIA HAS
GROWN, WE HAVE 25% OF THE
NATION’S BILLIONAIRES, 70% OF
THE MILLIONAIRES, THOSE NUMBERS
ARE UP AND WERE GOING TO BE THE
FIFTH LARGEST ECONOMY IN THE
WORLD, WHILE WORTHY OF
CONSIDERATION THAT IS NOT AND
OUTCOME OF THE DATA DOES NOT
SHOW THAT WILL HAPPEN AND WE
STRUCTURE THE WEALTH TAX SO
AVOIDANCE IS NOT AS SIMPLE AS
MOVING TO ANOTHER STATE, WE HAVE
A PHASED APPROACH WHERE IF YOU
MOVE IN YEAR ONE YOUR 90% OF THE
TAX BILL APPLIES TO YOUR ONE IN
80% IN TEN YEARS UNTIL IT PHASES
OUT.
SO WE LOOKED AT THE WEALTH TAX.
NEIL: WAIT.
ARE YOU SAYING THAT AFTER THEY
MOVE, AFTER THEY LEFT, YOU ARE
STILL TAXING THEM, THERE NO
LONGER A CALIFORNIA RESIDENT,
YOU CAN’T LEGALLY DO THAT.
>> FOR TEN YEARS, THE WEALTH WAS
ACCUMULATED DURING THEIR TIME IN
CALIFORNIA WITH THE STATE OF
CALIFORNIA AND THAT IS WHAT WERE
PROPOSING IN OUR BILL, WE
BELIEVE WE CAN DO THAT,
CERTAINLY WERE OPEN TO DIALOGUE
AND DISCUSSION AS WE MOVE THE
BILL FORWARD BUT WE THINK IT’S A
SOUND APPROACH IN AS A STRONG
EQUAL FOUNDATION.
NEIL: IT SOUNDS LIKE THEY BE
PRISONERS OF CALIFORNIA, THEY
MIGHT HATE GETTING SCREWED.
BUT YOU’RE NOT LETTING THEM
LEAVE, IF YOU SAY YOU LEAVE I’M
STILL GOING TO ZOOM YOU.
>> YOU REMEMBER SENATOR
ELIZABETH WARREN HAD A PENALTY
IF YOU CHANGED CITIZENSHIP, THIS
IS NOT THAT BUT THIS DOES SAY IT
RECOGNIZES THE FACT THAT WEALTH
WAS ACCUMULATED OVER TIME IN THE
STATE OF CALIFORNIA AND IF ARE
GOING TO HAVE A WEALTH TAX.
NEIL: WHAT IF IT WASN’T, WHAT IF
SOMEONE MOVED FROM ANOTHER
LOCALELOCATION MOVED TO CALIFORN
WORTH A LOT OF MONEY AND GOT
THAT IN ANOTHER STATE AND
ANOTHER LOCALE, HE OR SHE
ARRIVES IN YOUR BEATABLE STATE
AND LEARNS THAT THAT WEALTH IS
GOING TO BE TAXED?
>> IT IS A BEATABLE STATE, THANK
YOU.
WHEN PEOPLE MOVE IN FROM OUT OF
STATE, THE SAME APPLIES, THE
WEALTH TAX PHASES AND 10% A YEAR
OVER TEN YEARS SO THEY’RE NOT
HIT WITH IT ON DAY ONE, IT
RECOGNIZES THAT WEALTH MAY HAVE
BEEN ACCUMULATED OUTSIDE OF
CALIFORNIA AND ONCE THEY MOVED
TO CALIFORNIA.
NEIL: IF I AM ONE OF THOSE WHO KNOWS I’M A WEALTHY PERSON
KNOWS I’M A WEALTHY PERSON
MOVING TO CALIFORNIA AND I KNOW
THEY HAVE THIS GRADUATED PLAN, A
WEALTH TAX THAT’S GOING TO START
FROM THE DAY I MOVED THERE, WHY
THE HELL WOULD I WANT TO MOVE
THERE? >> BECAUSE IT’S CALIFORNIA,
>> BECAUSE IT’S CALIFORNIA,
BECAUSE WE’VE HAD THE LATEST
BUSINESS ECOSYSTEMS, MARKETS,
THE LARGEST STATE IN THE NATION,
THE GREATEST EDUCATION SYSTEM
FOR WORKFORCE, WE HAVE SILICON
VALLEY IN THE ECOSYSTEM.
NEIL: YOU HAVE A LOT OF ALERTS
THAT APPEAL TO A GREAT NUMBER OF
PEOPLE, BUT THE FACT OF THE
MATTER, THERE APPARENTLY NOT
APPEALING ENOUGH FOR SCORES OF
COMPANIES TO LEAVE YOUR STATE,
GO TO PLACES LIKE TEXAS OR
FLORIDA SAFER CONFINES FOR THEIR
SELVES AND THEIR MONEY.
IT HASN’T BEEN JUST AN EXIT IT’S
A JAILBREAK.
>> LOOK ON THE MARGINS, SOME
BUSINESSES MAY DECIDE TO LEAVE,
THAT’S A DECISION, WE STILL DO
HAVE.
NEIL: THEY ALREADY HAVE.
>> WE HAVE QUITE A FEW
SUCCESSFUL BUSINESSES IN
CALIFORNIA AS YOU KNOW.
NEIL: THE RUNNING AWAY, THEY ARE
RUNNING AWAY.
>> ARE MILLIONAIRES AND
BILLIONAIRES HAVE GROWN, OUR
ECONOMY HAS GROWN.
I DON’T THINK THE IMAGE OF FOLKS
FLEEING PANDA OUT, I DON’T THINK
IT’S HISTORICALLY TRUE.
NEIL: YOU ARE REPRESENTING THAT
A LITTLE CURIOUSLY, THE
MILLIONAIRES AND BILLIONAIRES
YOU TALK ABOUT IS OVER THE
COURSE OF TIME THAT PEOPLE’S
WEALTH HAS INCREASED IN
CALIFORNIA AS IT HAS INCREASED
ACROSS THE COUNTRY, IT’S A LITTLE DISINGENUOUS FOR YOU
LITTLE DISINGENUOUS FOR YOU
APPLY THE PEOPLE WITH RECORD
NUMBERS, I GOTTA BE IN
CALIFORNIA, THERE ARE PLENTY OF
OTHER WONDERFUL PLACES FOR THEM
TO BE.
I KNOW WHERE YOUR HEART IS AS
UGLY MEN AND I GET THAT, BUT DO
YOU THINK IT’S A BOOMERANG ON
YOU AND A LOT OF PEOPLE YOU’RE
COUNTING ON TO FOOT THE BILL
WILL SAY TO HELL WITH YOU.
>> I DON’T THINK SO, WE HAVE 150
APPROXIMATELY BILLIONAIRES IN
THE STATE OF CALIFORNIA, THEIR
WEALTH HAS GROWN $175 BILLION
DURING THE PANDEMIC AND WE HAVE
PEOPLE AS YOU KNOW WILL PUBLICLY
STATED, SAINT TAX ME MORE,
IMPOSE A WEALTH TAX, I WANT TO
INVEST IN THE COMMON GOOD, OUR
COMMON FUTURE, I KNOW WERE ALL
IN THIS TOGETHER.
SO WE LIKE TO LOOK AT DATA AND
EVIDENCE AROUND MILLIONAIRES IN
CALIFORNIA AND BILLIONAIRES,
THEY HAVE GROWN, THEY ARE NOT
FLEEING AND THIS IS A WAY TO
ADDRESS SOME OF THE MOST
CHALLENGING ISSUES, THE CLIMATE CRISIS, THE HEALTHCARE PANDEMIC,
CRISIS, THE HEALTHCARE PANDEMIC,
OR EDUCATION SYSTEM AND ITS
PATRIOTIC AND FAIR.
WE BELIEVE IN CALIFORNIA FOR ALL
AND I BELIEVE MILLIONAIRES AND
BILLIONAIRES BELIEVE AND NOT TO.
NEIL: WE CAN GO BACK AND FORTH
ON THEM NUMBERS OF THE
BILLIONAIRES AND MILLIONAIRES IS
MORE OR LESS AND WHETHER THE
GROWTH ITSELF HAS MADE MORE
PEOPLE THAT NOT CATEGORY, BUT
IT’S INTERESTING WHAT YOU’RE
STARTING, I KNOW THERE’S OTHERS
WHO ARE EXPLORING EXACTLY WHAT
YOU’RE DOING, YOU STARTED