FEB 24, 2024 JLM 51°F 07:55 AM 12:55 AM EST
California Democrats consider wealth tax — including for people who moved out of state

Several Democrat-led states introduced similar measures in effort to tax rich even more

California lawmakers are pushing legislation that would impose a new tax on the state's wealthiest residents — even if they've already moved to another part of the country.

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%.

Worldwide wealth extends beyond annual income to include diverse holdings such as farm assets, arts and other collectibles, and stocks and hedge fund interest.

Source: Washington Free Beacon

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Comments
Tony Pettitt 20:22 25.01.2023
Why are there still people living in California. Taxing people who don’t live in California seems to me to be unconstitutional, I’m sure someone will sue the State!!!
Donald Lerman 05:04 25.01.2023
No one in America ever has to apologize for success.
Jenny Ohayon 03:55 25.01.2023
Government theft. What gives them the right to confiscate your assets just because you have more money than the government thinks you should have? They did not earn it.
John Ross 02:33 25.01.2023
Careful Israel will get funny ideas!!
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