The measure calls for placing a one-time 5 percent tax on the assets of California residents with at least $1.1 billion. Opponents are backing competing measures to counter the tax.
The measure calls for placing a one-time 5 percent tax on the assets of California residents with at least $1.1 billion. Opponents are backing competing measures to counter the tax.
This is the correct answer. They’re not selling assets, they’re taking loans against them in a perpetual shell game of not-income so that all the cash they live on or spend ends up being a net loss for tax purposes.