California Set To Pass The Nation’s First Wealth Tax Targeting The Ultra Rich
California is in danger of killing it’s golden goose. This wealth tax probably won’t raise much money but it will serve as a red hot warning to the very rich to move their money out of the state. (This is already happening.) The next wealth tax might be the hatchet to the goose’s neck. (Which is also bad news for the remaining middle class people in California.) And good luck calculating net worth.
…with the SF Chronicle reporting that a group of CA state lawmakers on Thursday proposed a first-in-the-nation state wealth tax that would hit about 30,400 California residents and raise an estimated $7.5 billion for the general fund.
The proposed tax rate would be 0.4% of net worth (most likely ended up far higher), excluding directly held real estate, that exceeds $30 million for single and joint filers and $15 million for married filing separately.
This article was originally posted here: https://www.ac2news.com/2020/08/california-set-to-pass-the-nations-first-wealth-tax-targeting-the-ultra-rich/.