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California’s New Wealth Tax Proposal

September 3, 2020

The Principle:

What does Brian think about California’s new tax proposals? What kind of tax strategies should you be considering? We go through it for you on this episode.

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

Are we “all in this together”? On today’s podcast, Brian talks about what one blogger says about this sentiment as it relates to the pandemic. Then, we talk about California’s new tax proposal.

For many people, the pandemic has meant layoffs or stressful decisions. So, for celebrities and politicians, does it feel realistic that we might be “all together” in this, as if we’re in the same situation? What’s the difference?

What is the new wealth tax being proposed in California? When you get in a certain point in wealth, you’ve got to think creatively. Sometimes that can even mean somewhere else. Remember, tax avoidance is legal, tax evasion is not. Tax avoidance considers your situation and what you want, and then figuring out how to minimize and avoid taxes.

Taxes are all relative to you. What equates to big savings? And what kind of things are you willing to change about your current tax strategy?

Listen to the full episode or click on the timestamps below to skip ahead to a certain segment.  

[0:17] – Who is the “lunatic farmer”?  

[3:49] – What is the wealth tax being proposed?

[5:08] – California lawmakers are proposing an increase in income tax rates.

[6:01] – What does Brian advise to people who are feeling they pay too much in taxes?

Today’s Truth:

“Tax avoidance looks at your situation, looks at what you want to accomplish in retirement or while you’re working and asking, how can we minimize and completely do tax avoidance?”

Brian Bowen

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The Host:

Brian Bowen – Contact

Brian Bowen Integrity Financial Planning Roanoke Virginia discusses the deferred payment plan Bobby Bonilla and his agent were able to work out