A new wealth tax being pushed by California Democrats is the latest of several recent measures in the Golden State to tax the rich — and not the last one in the works.
Last week, Democrat Assemblyman Alex Lee introduced a bill in California that would impose an 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, and 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%.
The legislation is a modified version of a wealth tax approved in the California Assembly in 2020 that the Democrat-led state Senate declined to pass.
CALIFORNIA DEMOCRATS CONSIDER WEALTH TAX — INCLUDING FOR PEOPLE WHO MOVED OUT OF STATE
Gov. Gavin Newsom speaks during a news conference held at Unity Council career center in the Fruitvale neighborhood of Oakland, Calif., on Monday, May 10, 2021.
