Charles Payne rips California's proposed exit tax: You can check out any time, but your wallet can't leave
Californians pursuing the American dream must leave, Payne explains
{{#rendered}} {{/rendered}}As California officials attempt an exit tax on residents making a massive move from the state, FOX Business host Charles Payne is explaining why those chasing the American dream need to escape.
"If you are making money, you think you're going to make more money, if you're busting your butt to try to make the American dream, move now if you can," the financial expert urged on Tuesday’s "Hannity."
The exit tax was devised several years ago by politicians seeking to tax residents even after they leave the state, he said.
{{#rendered}} {{/rendered}}"It's like the song ‘Hotel California’," Payne explained. "You can check out any time you like, but your wallet can never leave...and it's really nuts."
CALIFORNIA DEMOCRATS CONSIDER WEALTH TAX — INCLUDING FOR PEOPLE WHO MOVED OUT OF STATE
California Gov. Gavin Newsom speaks during a news conference after meeting with students at James Denman Middle School on Oct. 1, 2021, in San Francisco, California. (Justin Sullivan/Getty Images)
The economic expert explained how the threshold will start with the billionaires and progressively get lower, analyzing the justification behind the shocking policy aimed at recouping some money the state invested in businesses and individuals.
{{#rendered}} {{/rendered}}"You know that old canard? We used to hear it a lot from President Obama. We hear it a lot from Elizabeth Warren — that if you walk on the sidewalk, somehow the state is partly responsible for your success?" Payne asked. "Forget about the taxes we pay every day. Forget about the blood, sweat and tears. Forget about the savings and the sacrifice. The fact that you live in California means that you owe California and how dare you attempt to leave."
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California Gov. Gavin Newsom speaks during a news conference after meeting with students at James Denman Middle School on October 01, 2021 in San Francisco, California. (Photo by Justin Sullivan/Getty Images) (Justin Sullivan/Getty Images)
The "Making Money" host offered insight on steps Americans take to build wealth.
{{#rendered}} {{/rendered}}"Right now, in this country, the most frugal group of Americans are the wealthiest Americans out there," Payne revealed. "They're trading down when they go shopping. They're not buying stuff they can't afford. They're smart. They save. They believe in the long-term."