The legislation is a modified version of a wealth tax approved in the California Assembly in 2020, which the Democrat-led state Senate declined to pass.
The current version just introduced includes measures to allow California to impose wealth taxes on residents even years after they left the state and moved elsewhere…
“The proposed California wealth tax would be economically destructive, challenging to administer and would drive many wealthy residents — and all their current tax payments — out of state,” Jared Walczak, vice president of state projects at Tax Foundation, told Fox News Digital. “The bill sets aside as much as $660 million per year just for administrative costs, more than $40,000 per prospective taxpayer, giving an idea of how difficult such a tax would be to administer.”
Approved ~ Primus Pilus