Teton County, Wyoming is where the billionaires are pushing out the millionaires.

Many of the mega-rich that live there, moved there to get away from California's outrageously high taxes.

Wyoming doesn't even have a state income tax.

But California can't afford to let all of that money go.

The state is deeply in debt.

Still, they keep raising taxes on the rich and big corporations, thus driving more of them out.

WATCH OUT TETON COUNTY WYOMING! - California wants to tax you anyway.

California lawmakers are pushing legislation that would impose a new tax on those who have fled the state.

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Getty Images

Assemblyman Alex Lee, a progressive Democrat, last week introduced a bill in the California State Legislature that would impose an extra annual 1.5% tax on those with a "worldwide net worth" above $1 billion, starting as early as January 2024.

As early as 2026, the threshold for being taxed would drop: those with a worldwide net worth exceeding $50 million would be hit with a 1% annual tax on wealth, while billionaires would still be taxed 1.5%. (Fox News).

It's not exactly clear how they can do this. But they think that they can.

They think that California can impose wealth taxes on residents even years after they left the state and moved elsewhere.

How will they collect if it is outside of the jurisdiction of the state?

A person, or company, worth millions or billions does not actually have that money, in cash, sitting in a bank vault.

They are worth that much money based on what companies, stocks, and other assets they own.

Jackson Town Square
Michael Smith, Getty Images

If some of those assets are in California, then the state can lay claim to them.

But what if that rich person took everything with them?

California currently has a $22.8 Billion dollar deficit.

They need to do something.

But they never seem to think about spending less.

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