January 23, 2023 8:09pm 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
By Aaron Kliegman | Fox News
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.
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https://www.foxnews.com/politics/california-democrats-consider-wealth-tax-people-moved-out-state
