California’s Wealth Tax Arrives Democrats want
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Posted On: 01/22/2024 6:36:31 PM
California’s Wealth Tax Arrives
Democrats want to tax assets to fill the state’s $68 billion budget hole.
Progressive ideas that originate in California have a habit of spreading. So it’s worth paying attention to legislation moving in Sacramento to establish a wealth tax on high earners and a bounty-hunter scheme for plaintiff attorneys to target alleged tax dodgers.
https://www.wsj.com/articles/california-wealt...m-f0c723b6
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Chicago to implement a local wealth tax “on the financial and business assets of the 10% wealthiest Chicagoans.” The plan says a 0.4% wealth tax on those assets of the wealthiest 10% of Chicagoans would generate $960 million annually.Jun 6, 2023
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2162 proposes an additional tax on long-term capital gains, dividends or any other type of capital gain income ranging between 7.5% and 15% for incomes over $500,000. S.B. 1570 proposes a mark-to-market tax on New York residents with net assets of $1 billion or more at the end of each taxable year beginning in 2023. Illinois State Rep. Will Guzzardi said that “in Illinois, we’re proposing to deposit that new revenue into a new working families fund, which will specifically be spent on ending homelessness, fully funding public education, and expanding childcare for every family in our state.”
Democrats want to tax assets to fill the state’s $68 billion budget hole.
Progressive ideas that originate in California have a habit of spreading. So it’s worth paying attention to legislation moving in Sacramento to establish a wealth tax on high earners and a bounty-hunter scheme for plaintiff attorneys to target alleged tax dodgers.
https://www.wsj.com/articles/california-wealt...m-f0c723b6
===============================================================
Chicago to implement a local wealth tax “on the financial and business assets of the 10% wealthiest Chicagoans.” The plan says a 0.4% wealth tax on those assets of the wealthiest 10% of Chicagoans would generate $960 million annually.Jun 6, 2023
==================================
2162 proposes an additional tax on long-term capital gains, dividends or any other type of capital gain income ranging between 7.5% and 15% for incomes over $500,000. S.B. 1570 proposes a mark-to-market tax on New York residents with net assets of $1 billion or more at the end of each taxable year beginning in 2023. Illinois State Rep. Will Guzzardi said that “in Illinois, we’re proposing to deposit that new revenue into a new working families fund, which will specifically be spent on ending homelessness, fully funding public education, and expanding childcare for every family in our state.”
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