California Bill Would Create New ‘Worldwide Wealth’ Tax, Even For People Who Flee The State

California lawmakers introduced a bill that would impose a “worldwide wealth” tax on wealthy individuals even after they leave the state.

The legislation, introduced by California Democratic Assemblymember Alex Lee, would create a 1.5% tax for a resident’s worldwide net worth that exceeds $1 billion in the 2024 and 2025 tax years. The bill would subsequently create a 1% annual tax for a resident’s worldwide net worth that exceeds $50 million and an additional 0.5% tax for worldwide wealth exceeding $1 billion.

“With this modest tax on the ultra-wealthy who pay a lower effective tax rate than the bottom 99%, we would have sustained investments in our schools, tackle homelessness, maintain and expand needed services, and much more,” Lee said in a press release. “We’ve been losing

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