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California’s lawmakers consider wealth tax of 1.5% on anyone with a global worth above $1billion


California lawmakers are pushing legislation that would impose a new tax on the state’s wealthiest residents, even if they have 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, beginning January 2024.

As early as 2026, the threshold for being taxed would decrease. Those with a worldwide net worth exceeding $50 million would have to pay a 1% annual tax on wealth, while billionaires would still be taxed 1.5%.

Worldwide wealth includes diverse holdings such as farm assets, arts and other collectibles, as well as stocks and hedge fund interest.

Assemblyman Alex Lee (pictured), 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, beginning January 2024

Assemblyman Alex Lee (pictured), 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, beginning January…



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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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