News

ccarroll ( 27 posts)

1. California wealth tax could become first of its kind in US under new proposal

Original post

8/16/2020 8:43:08 AM

Wealth Tax

A group of 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 tax rate would be 0.4% of net worth, excluding directly held real estate, that exceeds $30 million for single and joint filers and $15 million for married filing separately.

California is facing a big budget deficit because of the health and economic crisis brought on by the coronavirus, and “we can’t simply rely on austerity measures,” to close it, said Rob Bonta, D-Oakland, lead author of AB2088. “We must consider revenue generation.”

Replies to this post

2 replies	Author	Created On	Post Number
California wealth tax could become first of its kind in US under new proposal	ccarroll	8/16/2020 8:43:08 AM	OP
Nightmare	John	8/16/2020 2:34:32 PM	#2
Just move out of the state would be my choice. This place is broke and a mess!	ccarroll	8/16/2020 2:40:25 PM	#3

• John ( 31 posts)

  2. Nightmare

  Response to (Reply #1)

  8/16/2020 2:34:32 PM

  

  I guess you would be forced to sell assets if you didn't have the cash to pay the tax every year.
  • ccarroll ( 27 posts)

    3. Just move out of the state would be my choice. This place is broke and a mess!

    Response to (Reply #2)

    8/16/2020 2:40:25 PM