SACRAMENTO, Calif. — A handful of Democrats in the state Legislature are pushing again for a tax on "extreme wealth" in California, a move they say could bring the state billions in revenue by raising taxes on households worth $50 million.
But if last year is any indication, the legislation faces an uphill battle.
The new bill by Assemblymember Alex Lee (D-San Jose) reintroduces a proposed tax hike for the state's richest residents, potentially affecting about 15,000 Californians, or .07% of taxpayers. The proposal would apply a 1% tax on those with a net worth of at least $50 million and a 1.5% tax on those worth more than $1 billion.
For full story: https://www.latimes.com/california/story/2022-02-18/another-effort-to-tax-extreme-wealth-in-california-is-launched-in-legislature
By Mackenzie Mays - Los Angeles Times
Feb 19, 2022
