I have said in the past that the goal of Gov. Brown and now Newsom is to depopulate the State. At the end of the day they only want illegal aliens, the poor and the very rich. It looks like I was wrong. Hard to admit.
Now the Democrats have a “wealth tax” bill to add 1.5% tax on the net worth of people worth over one billion and 1% on those with a net worth of $50 million. In others words, they want investors and job creators to leave the State. Of course to determine the net worth of people, Sacramento will have to go into the holdings, real estate, value of companies and personal property—have an inventory of it all. In textbooks this is called fascist.
“Some California lawmakers are proposing to add a 1% tax on Californians with a net worth over $50 million and 1.5% on net worth over $1 billion.
The annual tax could raise $22.3 billion annually, and it would only be assessed on about 0.1% of the state’s residents, said Assemblymember Alex Lee, a Democrat from Milpitas.
Lee and multiple co-authors introduced the tax proposals via a news conference on Facebook on Monday.
The co-authors include Assemblymembers Luz Rivas, D-North Hollywood; Judy Yee, a senior legislative and communications aide for Rivas; Miguel Santiago, D-Los Angeles; and Lorena Gonzalez, D-San Diego.”
Is this the outing of the Assembly Fascist Caucus? Looks like it.
Assembly Democrats propose new tax targeting the state’s wealthiest residents
Some California lawmakers are proposing to add a 1% tax on Californians with a net worth over $50 million and 1.5% on net worth over $1 billion.
By Mark Anderson,, Sacramento Business Journal, 3/16/21
Some California lawmakers are proposing to add a 1% tax on Californians with a net worth over $50 million and 1.5% on net worth over $1 billion.
The annual tax could raise $22.3 billion annually, and it would only be assessed on about 0.1% of the state’s residents, said Assemblymember Alex Lee, a Democrat from Milpitas.
Lee and multiple co-authors introduced the tax proposals via a news conference on Facebook on Monday.
The co-authors include Assemblymembers Luz Rivas, D-North Hollywood; Judy Yee, a senior legislative and communications aide for Rivas; Miguel Santiago, D-Los Angeles; and Lorena Gonzalez, D-San Diego.
If the legislation wins approval from the governor, it would also need to be approved by voters, which could occur in 2022.
The legislation requires the approval of an Assembly Constitutional Amendment, preliminarily dubbed ABA 6, and parallel legislation Assembly Bill 310. The wealth tax language would replace a financial bill Santiago introduced last year that would have allowed local governments to provide their own banking services through public banks.
The proposed tax targets only the very wealthiest Californians. It would add a 1% tax on net worth in excess of $50 million, not including real estate, and a tax of $1.5% on net worth in excess of $1 billion, again, not including real estate.
In a virtual news conference, Lee said that while the pandemic ravaged the poorest Californians, the ultrarich grew their assets by $250 billion.
But the proposal has already faced opposition.
“The last thing California needs is another tax increase,” said California Taxpayers Association President Robert Gutierrez, in a statement. “The state is collecting billions of dollars more than expected under the current tax rates, and has a large reserve that got us through a year of pandemic without having to cut funding for education or other important programs.
“The mere introduction of a similar proposal last year was enough to increase the exodus of businesses, individuals and investments fleeing California,” the statement continued. “This damaging proposal encourages more Californians to follow in the footsteps of others who already moved out of California. Most other states are not threatening to tax their residents’ savings and personal effects – items that were purchased with money left over after paying California’s highest-in-the-nation income tax.”
During the virtual news conference, Santiago said the wealth tax would ensure that the state’s richest residents participate in solving income inequality. He said he represents one of the poorest districts in the state in Los Angeles, and that 153,000 of his constituents have incomes of $25,000 or less for a family of four.
