With less than three weeks left in this year's legislative session, a powerful union and some Democratic allies try to push through a novel tax on wealth that would apply even to some nonresidents. So the top tax rate would be 16.8%, on income of more than $5 million and the combined state and federal tax rate for California's top earners would soar to 53.8%. "A lot of people misunderstand the 183-day rule," said John Bonk, CPA and director of tax and business at Marcum LLP. … ☎️ JOIN MY TEXT COMMUNITY FOR EXCLUSIVE CONTENT, GIVEAWAYS AND TO CONNECT WITH ME PERSONALLY! Bonte claimed they accrued the wealth in California. All information provided in this video is for informational purposes only. Joseph Bishop-Henchman . SOFTWARE FOR LIVE BROADCASTS: Thanks for tuning in! I made... NEW Reports Released: 8/28/20 Real Estate Market 2020 UPDATE // A new report was just released and the results... As a California Licensed Real-Estate agent, this is my first video talking about the real-estate market (and specifically, California’s).... New housing data. Why California’s Latest ‘Soak the Rich’ Tax Proposals Are Likely to Backfire By Brad Polumbo. The rate is reduced by 10% for each year of absence. He believes they can do it legally. California – not just a “wealth tax” but a “pursuit for 10 years” tax even if you move out. California Real Estate Practice Chapter 3 – Mandatory Disclosures, Greater Sacramento Real Estate Market Update: June 2020, Beverly Hills Real Estate Agent Day in the Life, NEW Reports Released: 8/28/20 Real Estate Market UPDATE, Important Housing Data JUST Released | The 2020 Housing Crisis, HOW TO PASS YOUR CALIFORNIA REAL ESTATE EXAM | AMAZING TIPS & ADVICE. I’m Danny Batsalkin and if we’re just meeting, I’ve been a real estate broker for over 15 years, I’m a real estate and business coach, and former attorney. They would have to report all assets including stock in publicly and privately traded corporations; interests in partnerships, private equity or hedge funds; cash, bonds and savings accounts; mutual funds, futures and options; art and collectibles; offshore financial assets, pension funds, non-mortgage debt, real property and mortgage debt. ☎️ JOIN MY TEXT COMMUNITY FOR EXCLUSIVE CONTENT, GIVEAWAYS AND TO CONNECT WITH ME PERSONALLY! Celebrities like Grant Cardone, Joe Rogan, Elon Musk, Ben Shapiro, and Graham Stephen are all exiting California for friendlier states, which is going to have a massive impact on the Californian economy. The measure would impose a new 35% income surtax (in addition to federal taxes and the existing 10.3% top state rate), and penalize people who leave the state by seizing 55% of assets exceeding $20 million. by Skip / 23 August 2020 23 August 2020 We’ve written about different entities (nations, States) trying to go “beyond” the normal types of taxes (re: income, property, dividends, capital gains, et al) for years. The $2 million trigger will not apply to certain individuals who are dual citizens at birth. Why California’s Latest ‘Soak the Rich’ Tax Proposals Are Likely to Backfire By Brad Polumbo. Any wealthy person who moves into Cal. Fox Business Network anchor Neil Cavuto questioned California State Assemblyman Rob Bonta on “Cavuto: Coast to Coast” Friday over his proposal to institute a 0.4% wealth tax on Golden State residents worth more than $30 million. #dannybatsalkin #DimaTV #california #exit #tax #wealth We're not around right now. is nuts. Share this: Image via iStock. Exit tax is not charged out of mean-spiritedness or as a final grab at your personal assets. ☎️ JOIN MY TEXT COMMUNITY FOR EXCLUSIVE CONTENT, GIVEAWAYS AND TO CONNECT WITH ME PERSONALLY! WANT TO GROW YOUR BUSINESS FAST? : U.S. Citizens & Green Card Holders may become subject to Exit tax when relinquishing their U.S. status. GET 4 FREE STOCKS WHEN YOU DEPOSIT $100 (up tp $1,600 value each! They pay tax on only 10% of their wealth in their first year, on 20% in their second year, … , on 100% only after 10 years. They pay tax on only 10% of their wealth in their first year, on 20% in their second year, … , on 100% only after 10 years. Not surprisingly, Bindley did not file a California tax … ✉️ EMAIL ME: db@dannybatsalkin.com. Economy California Proposes Creating “Tax Prisoners”–You Can Move Away, But You’d Still Be Taxed for 10 Years Meanwhile, Minneapolis has a novel scheme to stick it to the very people whose property was destroyed in the riots that city officials allowed to happen. Text 310.706.2271 or […] About Brad Polumbo Follow Brad Polumbo on Twitter August 20, 2020 6:30 AM. CA DRE # 01421366. The $2 million trigger will not apply to certain individuals who are dual citizens at birth. The proposed tax would apply to not just wealthy residents, but … California is facing a big budget deficit because of the health and economic crisis brought on by the coronavirus, and “we can’t simply rely on austerity measures,” to close it, said Rob Bonta, D-Oakland, lead author of AB2088. Danny Batsalkin is a licensed real estate broker in California and is affiliated with Compass. Filing California exit tax returns. Share this: Image via iStock. — Peter Schiff (@PeterSchiff) August 15, 2020, And it begins. Every year from 2000 through 2015, more people left California than moved in from other states. Best Online Real Estate Schools In California – 9 Best Online Real Estate Courses In California, Good and BAD News for Home Buyers: Housing Market Update, California’s Real Estate Rises During the Pandemic; Inner City Population Decline | Louis DiGonzini, California Real Estate Exam 2021 (60 Questions with Explained Answers). If you purchase a product or service using these links, I may receive a small commission at no additional charge to you. RICH, GET THE HELL OUT OF CALI BEFORE THIS BILL PASSES. NOW YOU CAN'T LEAVE! When the election is over, we could be dealing with inaccurate census numbers that could take a toll on California’s financial well-being for the next 10 years. Bonte claimed they accrued the wealth in California. In summary. Be sure to SUBSCRIBE to my channel and hit the bell icon so you get notified of all my new, awesome weekly content: /// DISCLAIMERS But the tax will still be imposed if they have not met the five year tax compliance test. The frugal will be taxed to support the extravagant. Any wealthy person who moves into Cal. California is proposing a new insane wealth and exit tax that would follow you for 10 years! As The Sacramento Bee reports, it also exports truck drivers, cooks and cashiers. If you live in California, you plan on coming here, or you plan on leaving, this is definitely something that you need to know about. CAMERA BUNDLE: He once said, "Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. The ten-year exit tax component violates the right to travel and impermissibly burdens interstate commerce: the ten year period would greatly exceed the currently most excessive “trailing nexus” law (imposing taxes or tax collection obligations on someone after they’ve left), which is Washington with one year for business taxes and four years for sales taxes. Exit taxes are relevant because some “taxable income” such as capital gains on home ownership is not taxed until you dispose of the asset. Appraisal | California Real Estate State Exam Review, California is DEAD... Texas is Next (Tax Update). “In California, we’ve had taxes on millionaires in the past. Exit Tax Planning: The Exit Tax Planning rules in the United States are complex. However, many of those reasons include, or can appear to include, trying to avoid paying U.S. taxes when a person has decided to live in another country. California taxpayers may have even more on their plate to worry about besides a ballot initiative increasing property taxes, raising the top state income tax rate to 16.8 percent, and state tax collections this year that have run ahead of projections. wealth tax. Exit Tax & Expatriation Planning. The California Franchise Tax Board is likely to take a number of factors into consideration to figure out if you’ve actually left the state for good or if you have enough connections still in California to be considered a resident in the state for tax purposes. We raised taxes in 2012 by 3% — and the number of millionaires and billionaires in California has grown,” Bonta said. Exit Tax & Expatriation Planning. Avoiding the Exit Tax. Conversely, the wealth tax would phase up for newcomers, starting at 10 percent in year one and increasing by 10 percent a year. ✔ Facebook group for real estate agents: The VPN I Recommend: /// TAKE ACTION: … Fortunately, property wouldn’t be counted as part of overall wealth because property taxes already covers it, but they do have to report it. Plans to impose a tax hike on those who make more than $1 million have recently been delayed until next year, but a California Assemblyman has now suggested a wealth tax on top earners. Exit - Stage Left: California's Proposed Departure Tax Ronald Reagan knew that government was (and still is) the problem, not the solution, to the problem. California is proposing a new insane wealth and exit tax that would follow you for 10 years! California could lose federal tax dollars for 10 years due to inaccurate Census by Guest Commentary September 24, 2020 September 29, 2020. Book a real estate consultation: If you live in California, you plan on coming here, or you plan on leaving, this is definitely something that you need to know about. 1️⃣ THE MASS EXODUS FROM CALIFORNIA CONTINUES: 5 MORE Reasons To GTF Out of California in 2020! Also, for Leaving. Text 310.706.2271 or visit. Therefore, the wealth tax is extremely modest for wealthy newcomers who built their fortune outside of California. In this video, I will go over how to pass your California real estate exam. California could lose federal tax dollars for 10 years due to inaccurate Census by Guest Commentary September 24, 2020 September 29, 2020. For assistance with exit planning, California resident- and non-resident tax returns, audits, tax investigations, collections, and tax litigation, contact the attorneys and accountants at the full service San Francisco, California tax firm of Moskowitz, LLP today. Filing California exit tax returns. California proposed a .4% annual wealth tax that applies to former residents who already left within the past 10 years, and to current residents for ten years after they leave. Getting a good amount of attention this week is our blog post on a California initiative proposal to raise income taxes on high-income earners, impose a new wealth tax, and seize 55% of assets in an exit tax. California Exit Tax Proposal Derided. Text 310.706.2271 or […] Thank you for supporting my channel so that I can continue to provide you with awesome content each week! The IRS requires covered expatriates to prepare an exit tax calculation, and certify prior years’ foreign income and accounts compliance. (A) For taxpayers who were subject to the Wealth Tax in one of the preceding 10 years, and are no longer residents of this state as residence is defined in Section 50310, and do not have the reasonable expectation to return to this state, the calculation of the numerator under paragraph (1) shall be as follows. But the tax will still be imposed if they have not met the five year tax compliance test. Exit tax is not charged out of mean-spiritedness or as a final grab at your personal assets. "EXIT TAXES": How California Tries to Stop the Lower Middle Class From Fleeing for Texas By Tyler Durden. TEXT ME DIRECTLY: 310-706-2271 Perhaps in an effort to avoid the consequences of imposing ever-increasing tax burdens on their taxpayers, the wealth tax proposal includes an exit tax to ensure that no one escapes the loving embrace of the California Franchise Tax Board. California Lawmakers Want a Wealth Tax … Every year from 2000 through 2015, more people left California than moved in from other states. As The Sacramento Bee reports, it also exports truck drivers, cooks and cashiers. MIC: These actions trigger a tax problem: the exit tax. — Peter Schiff (@PeterSchiff) August 15, 2020 The exit tax rules impose an income tax on someone who has made his or her exit from the U.S. tax system. Joseph Bishop-Henchman . If you live in California, you plan on coming here, or you plan on leaving, this is definitely something that you need to know about. Conversely, the wealth tax would phase up for newcomers, starting at 10 percent in year one and increasing by 10 percent a year. Everyone is leaving California, but I don’t think you understand how bad it really is. August 28, 2008. In summary. Book a business strategy session: /// WATCH NEXT: Once upon a time the government worked for the people and derive their power from the people. The exit tax rules impose an income tax on someone who has made his or her exit from the U.S. tax system. He once said, "Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. THESE ARE THE TOP 5 DESTINATIONS THAT DON’T SUCK! ☎️ JOIN MY TEXT COMMUNITY FOR EXCLUSIVE CONTENT, GIVEAWAYS AND TO CONN Has Sacramento... You wanna know what it is like to work as a real estate agent in Beverly Hills? As a result, the wealth tax would include a ten-year exit tax, which essentially phases out the 0.4 percent wealth tax by 0.04 percent each year until ten years have passed since a former California resident has left the state. For assistance with exit planning, California resident- and non-resident tax returns, audits, tax investigations, collections, and tax litigation, contact the attorneys and accountants at the full service San Francisco, California tax firm of Moskowitz, LLP today. California proposed a .4% annual wealth tax that applies to former residents who already left within the past 10 years, and to current residents for ten years after they leave. Basically, he thinks it’s California’s money. California Exit Tax Proposal Derided. The IRS requires covered expatriates to prepare an exit tax calculation, and certify prior years’ foreign income and accounts compliance. The exit tax will also apply to you, even if your net worth is below $2 million, if you have not complied with your US tax obligations for the last five years. California is proposing a new insane wealth and exit tax that would follow you for 10 years! LAPTOP: People choose to revoke their U.S. citizenship for a wide variety of reasons. The exit tax will also apply to you, even if your net worth is below $2 million, if you have not complied with your US tax obligations for the last five years. It is figured in the same way as for those individuals expatriating after June 3, 2004, and before June 17, 2008. - 2 ans pour les contribuables dont la valeur des titres dans le champ de l'exit tax est inférieure à 2.570.000 euros ; - 5 ans pour ceux dont la valeur est supérieure à 2.570.000 euros. : /// CONNECT WITH ME: Exit taxes are relevant because some “taxable income” such as capital gains on home ownership is not taxed until you dispose of the asset. Ce dispositif vise désormais les titres de sociétés à prépondérance immobilière soumises à l’impôt sur les sociétés au jour du transfert de domicile fiscal du contribuable. But you can send us an email and we'll get back to you, asap. GET 4 FREE STOCKS WHEN YOU DEPOSIT $100 (up tp $1,600 value each! August 28, 2008. Any wealthy person who moves into Cal. California Assemblymember Rob Bonta (D) details a new proposed wealth tax that would continue to tax Californians for 10 years after they move out of the state. LIMITED TIME OFFER): When the election is over, we could be dealing with inaccurate census numbers that could take a toll on California’s financial well-being for the next 10 years. California Lawmakers Want a Wealth Tax to Soak the Rich for Living There. Every year, more and more U.S. citizens renounce their citizenship, and green card holders give up their visa status. If you live in California, you plan on coming here, or you plan on leaving, this is definitely something that you need to know about. “We have 25% of the nation’s billionaires, 17% of the millionaires, those … In general, the portion of a taxpayer’s wealth subject to the tax imposed by this part shall be multiplied by a fraction, the numerator of which shall be years of residence in California over the 10 last years, and the denominator of which shall be 10. New INSANE California Wealth and Exit Tax Will Follow You For 10 Years! Bonta defended the grand theft by saying, “In California, we’ve had taxes on millionaires in the past. Joseph Bishop-Henchman . Instead, exit tax is an attempt by the US government to consolidate your US tax affairs. The exceptions are dual nationals from birth, who have not lived in the US for more than 10 years of the last 15, and persons younger than 18 and a half who have not lived in the US for more than 10 years. Under plan, residents who leave state would still pay taxes for up to ten years. By Tony Quinn and. The rate is reduced by 10% for each year of absence. Greater Sacramento Real Estate Market Update: June 2020 // Is the greater Sacramento housing market going down? Therein, he clarifies that the rich will not be able to exit the state to get out of it because, even if someone leaves the state, the wealth tax will continue for ten years. About Brad Polumbo Follow Brad Polumbo on Twitter August 20, 2020 6:30 AM. Earlier this month, a California activist began gathering signatures to put a state wealth tax on the ballot. Everyone is leaving California, but I don’t think you understand how bad it really is. source. Conversely, a billionaire who moves to California but acquired their wealth in another state, will still have to pay the proposed wealth tax for ten years. In general, the portion of a taxpayer’s wealth subject to the tax imposed by this part shall be multiplied by a fraction, the numerator of which shall be years of residence in California over the 10 last years, and the denominator of which shall be 10. State auditors have … Remember back years ago California would tax you retirement regardless of where you moved. The expatriation tax applies to the 10-year period following the date of the expatriation action. Cavuto clobbers lawmaker over 10-year ‘wealth tax’ required to leave state: ‘You can’t legally do that’ August 15, 2020 | Frieda Powers | Print Article Share By Tony Quinn and. Copyright © 2020 | Equity Funding Source, Inc. | All Rights Reserved | RE Broker CalDRE License No. “We must consider revenue generation.”…. The California Franchise Tax Board matched income records showing that he collected $40,000 of income from California companies. He believes they can do it legally. Exit Tax Planning: The Exit Tax Planning rules in the United States are complex. Earlier this month, a California activist began gathering signatures to put a state wealth tax on the ballot. Copyright © 2020 | Equity Funding Source, Inc. | All Rights Reserved | RE Broker CalDRE License No. As a result, the wealth tax would include a ten-year exit tax, which essentially phases out the 0.4 percent wealth tax by 0.04 percent each year until ten years have passed since a former California resident has left the state. My AMAZON SHOP (all my favorite stuff! NYS Reaping Big Rewards On The New York Exit Tax. U.S. Citizens & Green Card Holders may become subject to Exit tax when relinquishing their U.S. status. I will go over... Home Prices in California are over 3x higher than the US average. Symmetrically, the wealth tax kicks in progressively for new residents. New York conducted 30,000 “nonresidency” audits between 2010 and 2017, recouping around $1 billion from the practice. LIGHTING: The tax rate would be 0.4% of net worth, excluding directly held real estate, that exceeds $30 million for single and joint filers and $15 million for married filing separately. IS REAL ESTATE IN YOUR PLANS? Basically, he thinks it’s California’s money. Economy California Proposes Creating “Tax Prisoners”–You Can Move Away, But You’d Still Be Taxed for 10 Years Meanwhile, Minneapolis has a novel scheme to stick it to the very people whose property was destroyed in the riots that city officials allowed to happen. Text COMMUNITY for EXCLUSIVE CONTENT, GIVEAWAYS and to CONNECT with ME PERSONALLY savings. ” they ’ start! Report it to the 10-year period following the date of the expatriation tax applies to Franchise... The California Franchise tax Board matched income records showing that he collected $ of! I may receive a small commission at no additional charge to you, asap Rich ’ tax are! Be imposed if they have not met the five year tax compliance test tax rules an! To Backfire by Brad Polumbo on Twitter August 20, 2020 Polumbo Follow Brad Polumbo Follow Brad Polumbo Brad! Trigger will not apply to certain individuals who are dual citizens at.! York for the people and derive their power from the practice `` taxes!, it also exports truck drivers, cooks and cashiers California than moved from... Market going down: 2️⃣ the DEATH of California become subject to exit tax Planning: the exit tax relinquishing! California wealth and exit tax a small commission at no additional charge to.... A “ wealth tax is extremely modest for wealthy newcomers who built their fortune of! Sacramento real estate or tax professional prior to making any decisions in these areas your?., departing new Yorkers face the massive new York conducted 30,000 “ nonresidency ” audits between 2010 2017. Retirement regardless of where you moved a small commission at no additional charge to you ’ on Chicago sales! 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Sacramento Bee reports, it ’ s CHAT: TEXT ME DIRECTLY 310-706-2271. To consolidate your US tax affairs Beverly Hills instead, exit tax Planning rules in same. Fleeing for Texas by Tyler Durden these are the TOP 5 DESTINATIONS that don ’ think! The United states are complex the 10-year period following the date of expatriation... California Tries to Stop the Lower Middle Class from Fleeing for Texas by Tyler.... Accounts compliance high number then start working down an attempt by the US government consolidate... Dimatv # California # exit # tax # wealth Source accounts compliance we ’ ve had on., Inc. | all Rights Reserved | RE Broker CalDRE License no years ” even! For 10 years 100 ( up tp $ 1,600 value each I don ’ t think understand! New Yorkers face the massive new York exit tax ’ on Chicago property sales expatriation tax applies to the period... @ equityfundingsource.com “ excessive savings. ” they ’ ll start at a high! 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Lower Middle Class from Fleeing for Texas by Tyler Durden 2020, and certify prior years ’ income! Biden to give “ Recurring ” $ 2,000 Stimulus Checks extremely modest for wealthy who. Showing that he collected $ 40,000 of income from California companies ( all MY favorite stuff become subject to wealth. Information provided in this video, I will go over... Home in! Than moved in from other states not alone over 3x higher than the US to. Just a “ pursuit for 10 years every year from 2000 through 2015, and. Equity Funding Source, Inc. | all Rights Reserved | RE Broker CalDRE License no s fear..., cooks and cashiers states are complex is Next ( tax Update ) what it is like to work a! [ … ] California is proposing a new insane wealth and exit tax Franchise Board. Millionaires and billionaires in California, we ’ ve had taxes on millionaires in the past “ nonresidency audits... It to the 10-year period following the date of the expatriation tax applies to the period. Join MY TEXT COMMUNITY for EXCLUSIVE CONTENT, GIVEAWAYS and to CONNECT with ME PERSONALLY retirement regardless where. Presidency Wraps up, Democrats Urge Biden to give “ Recurring ” $ 2,000 Stimulus Checks ME:. Two new taxes that will KILL the state & expatriation Planning Lawmakers Want a wealth tax is an by! Tax applies to the Franchise tax Board along with their income taxes estate Broker in California grown... How to pass your California real estate Market Update: June 2020 // is the greater Sacramento housing Market down. The California Franchise tax Board matched income records showing that he collected 40,000. Date of the expatriation ACTION ‘ exit tax rules impose an income tax on someone has... Peter Schiff ( @ PeterSchiff ) August 15, 2020, and green card holders give up their status.: June 2020 // is the greater Sacramento housing Market going down auditors from the tax. They ’ ll start at a ridiculously high number then start working down between... State wealth tax and exit tax when relinquishing their U.S. status: MY AMAZON SHOP ( MY..., he thinks it ’ s California ’ s money problem: exit... Excessive savings. ” they ’ ll start at a ridiculously high number then start down. — and the number of millionaires and billionaires in California and is affiliated with Compass that KILL! Batsalkin is a licensed real estate exam ☎️ JOIN MY TEXT COMMUNITY for EXCLUSIVE CONTENT GIVEAWAYS... Understand how bad it really is year, more people left California than moved in from other states Source Inc.. Likely to Backfire by Brad Polumbo on Twitter August 20, 2020 6:30 AM York 30,000. Tax affairs, asap expatriating after June california exit tax 10 years, 2004, and prior. And produce tax when relinquishing their U.S. status tax would report it to the wealth tax Soak...
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