(HOTAIR) The pandemic has put a $50 billion dent in California’s finances and Democrats are busy coming up with new ways to raise more tax money. Plans to consider a tax hike on those making more than $1 million was just put off until next year, but now a California Assemblyman has proposed a wealth tax on top earners:
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.
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