It might help with compliance if some of those rich people published a full-page open letter in the Seattle Times saying, heck yes! We see this tax as a step toward educational equity, and no matter how much it costs us, it is a privilege to pay it.
A listener wrote in to say, “many people like myself who are mobile investors and have choices will simply shift ownership of assets to … a trust…or something as simple as a new account in a different jurisdiction.”And he says this is what wealthy Californians do – they set up a separate home in Nevada which is why Lake Tahoe on the Nevada side is so expensive.“It’s a tax that’s assessed on individuals.
“There are a few people that I’ve heard that from, and, you know, if they have reportable gains, I suppose they can do that. But it is the law, and there are some substantial penalties for failure to file,” Williams said. “[There’s] up to 25% penalty for failure to file and another up to 29% penalty plus interest for failure to pay. So you’re talking about, you know, 54% penalties on the amount of tax owed, potentially, for thumbing your nose at this, and then even more stringent penalties for willful disregard. So it’s, it’s not something to just mess around with”And since some of the support for this came from people like the late Bill Gates Sr, and other rich people who thought it was only fair.
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