California’s richest residents — and even those who move out of state — could be required to pay a new wealth tax as early as next year.
A new bill proposed by Democratic Assemblyman Alex Lee would tack on an additional 1.5% tax for Californians who have a worldwide net worth of more than $1 billion, beginning January 2024, according to KCRA-TV, the NBC affiliate in San Francisco.
An extra 1% tax would be added to those who make more than $50 million, beginning in 2026.
Mr. Lee said that the new wealth tax would affect around 23,000 “ultra-millionaire” and 160 billionaire households, according to The Associated Press
“Billionaires aren’t paying what they owe while enjoying public investments to build their empires,” Mr.