California is About to Unveil the First Ever Tax on Wealth

Yes, they are coming for your money.

As I first predicted in my booked The Everything Bubble in 2017, whenever the next crisis hits in the U.S., the political elites in the U.S. will use it as an excuse to implement wealth taxes and cash grabs.

The COVID-19 pandemic hit in February of 2020. And right on cue, within a few months policymakers are calling for wealth taxes.

Their reasoning?

To fund the insane debt loads cities and states have racked up in the decades leading up to the pandemic.

We’ve already addressed the situation in New York, where congresswoman Alexandria Ocasio-Cortez (D-NY) called for a wealth tax on New York billionaires to “benefit working class” New Yorkers.

Now California is getting on board, where rather that simply talking about it, the state has introduced an actual piece of legislation that would:

1)    Raise income taxes from 13.3% to 16.8%.

2)    Implement a 0.4% “wealth tax”, not on income but on actual wealth.

The bill is positioned to tax 0.4% of wealth (not including real estate) for anyone worth over $30 million. But if you think that wealth taxes would stop there, I’ve got a bridge in Brooklyn to sell you.

Like every other horrible policy of the last 20 years, the way this is done is by introducing a version of the policy that would be palatable to the average American. In this case it’s “taxing billionaires” or the “super wealthy.”

This same story played out with both the Patriot Act and Obamacare. The political elite always sell the American people on aggressive policies by presenting the policies in the least offensive manner possible.

After all, who could be against the government spying on people if it is designed to just target terrorists?

And who could be against the government taking over healthcare if you can keep your doctor and will save $2,500 per year on your healthcare bills?

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And who can be against taxing billionaires and multimillionaires 2% of their net wealth?

Except that’s not the plan at all.

The IMF has already shown us the plan… which is a 10% tax on NET WEALTH for everyone.

The reasoning?

To shore up sovereign balance sheets (reduce debt levels). And believe it or not, some of this plan has already been signed into law.

Did you know that in 2011, the US passed legislation that would allow regulators to:

1)    Freeze bank accounts and use them to “bail-in” financial institutions/ banks.

2)    Close the “gates” on investment funds/ money market funds to stop you from getting your money out.

3)    Impose wealth taxes and seize unused assets.

If you think that’s bad, consider that the Fed plans to both seize and STEAL savings during the next crisis/ recession.

If you think this sounds like a “conspiracy theory” we’ve actually uncovered a secret document outlining exactly how the elites plan to do this. It was written by a man who has served as an advisor to THREE separate central banks.

We detail this paper and outline three investment strategies you can implement right now to protect your capital from the Fed’s sinister plan in our Special Report The Great Global Wealth Grab.

If you think this sounds like a “conspiracy theory” we’ve actually uncovered a secret document outlining exactly how the elites plan to do this. It was written by a man who has served as an advisor to THREE separate central banks.

We detail this paper and outline three investment strategies you can implement right now to protect your capital from the Fed’s sinister plan in our Special Report The Great Global Wealth Grab.

We are making just 100 copies available for FREE the general public.

You can pick up a FREE copy at:

phoenixcapitalmarketing.com/GWG.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research