California lawmakers are considering a new tax targeting the wealthiest individuals, with the proposed measure aiming to impose a 1.5% tax on the assets of those with a net worth of $1 billion by 2024 and a 1% tax on those with a net worth of $50 million by 2026.
The tax is intended to address the disproportionate tax burden on the working and middle classes.
However, its passage is expected to face significant challenges in the Democratic supermajority Legislature and faces opposition from both the governor’s office and Republican lawmakers. (Trending: Clintons Scramble To Delete Embarrassing Photo, But Were Too Slow)
New York and California consider wealth tax
Source: CNBC Television (YouTube) pic.twitter.com/EaleZeelME— Camus (@newstart_2024) January 11, 2024
Democratic Assemblyman Alex Lee, said, “I’m delighted after so many times of introducing the wealth tax, it’s finally getting its first hearing.”
“It would be the fiscally responsible thing to look at the people who effectively pay little-to-no taxes than ask again for the working class or middle-class people to shoulder cuts or shoulder new taxes,” he explained.
“Last year alone, billionaire growth grew by $250 billion dollars. That’s the entire size of the state budget,” said Lee.
Brandon Richards, a spokesman for Gov. Gavin Newsom’s office wrote, “As @CAGovernor Newsom has said repeatedly over many years, a wealth tax is not part of the conversation – wealth tax proposals are going nowhere in California.”
“This is going to be just another reason for people with resources not to live in California,” said GOP state Sen. Roger Niello.
Governor Gavin Newsom is also expected to announce his proposed state budget amid an estimated $68 billion shortfall.
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