California lawmakers to consider new wealth tax — and it could follow those moving to Texas

Summary by Ground News

California lawmakers are considering a "wealth tax" that would not only introduce a 1.5% tax on net worth in excess of $1 billion by 2024, but also allow the state to pursue that tax for former residents who flee the state for tax-friendly locations like Florida or Texas.

Published 2 months ago · Sacramento, United States

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The Business Journals

California’s new wealth tax could follow you to Florida or Texas — and would hit more than billionaires

California's proposed wealth tax appears to take aim at popular strategies among the wealthy to avoid state taxes.

2 months ago·United States

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KCRA 3

State lawmakers to consider wealth tax on the richest Californians

The legislation would tax an extra 1.5% on Californians with a worldwide net worth of more than $1 billion starting January 2024.

2 months ago·Sacramento, United States

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SF Chronicle

California's wealthiest residents could pay more taxes under new bill

Multimillionaires and billionaires would face new taxes on their wealth under a bill pushed by a group of California Democrats, who say the state needs to aggressively crack down on “extreme wealth.”

2 months ago·S F, United States

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WFAA 8abc

California lawmakers to consider new wealth tax — and it could follow those moving to Texas

California already depends on its top 1% of taxpayers for almost half of its individual income tax revenue.

2 months ago·Dallas, United States

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San Antonio Express-News

'Elon Musk tax' could stop California businesses moving to Texas

California proposed a wealth tax inspired by Elon Musk's relocation of Tesla to Austin, Texas, that would follow residents out of state.

2 months ago·San Antonio, United States

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MPR News

Tax the rich? Liberals renew push for state wealth taxes

Bills announced Thursday in Minnesota, California, New York, Illinois, Hawaii, Maryland, Washington and Connecticut vary in their approaches to hiking taxes, but all revolve around the idea that the richest Americans need to pay more.

2 months ago·St Paul, United States

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