California lawmakers are once again considering a wealth tax., D-San Jose, Thursday as Assembly Bill 259 and Assembly Constitutional Amendment 3. The wealth tax would impose an annual 1.5% tax on worldwide net worth above $1 billion, starting as early as 2024. In 2026, the threshold for being subject to California’s wealth tax rate would fall to $50 million, with a 1% annual tax on wealth that rises to 1.5% for billionaires.
Even if it does get final voter approval, court challenges are also likely. Some opponents of a California wealth tax are already pointing to possible violations of the U.S. Constitution’s commerce clause, among other issues. The legislation is likely to change as it moves through the Legislature, but opponents of a wealth tax are moving quickly to sound the alarm.said.
California already depends on its top 1% of taxpayers for almost half of its individual income tax revenue. That accentuates booms and busts, so that the state is flush with cash when startups are flourishing and fortunes are being made on Wall Street, but slammed when the economy heads south., with tax revenue from capital gains not meeting expectations after a down year for most investors.
The proposed wealth tax appears to be aimed at ending a popular maneuver among California’s successful entrepreneurs: build their companies here but move to another state before going public or being acquired to avoid California’s income taxes, which have a top individual rate of 13.3%, the highest in the nation.
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