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…
Read the Full Article Here Dailymail
