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

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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