California’s Wealth Tax Arrives Democrats wan

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.”