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California Might Become the First State with a Wealth Tax

August 25, 2020

From the San Francisco Chronicle website

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 percent 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.”

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