California lawmakers are considering a wealth tax on mega millionaires and billionaires to address the state's budget shortfall. Despite Governor Newsom's opposition, the proposal has sparked debate, with concerns over the exodus of high-income taxpayers and the impact of high income and payroll taxes on residents. The top 1% pays over half of the state's taxes, and critics argue that progressive policies may accelerate the outflow of tax-paying Californians. The state's top income tax rate has risen to 14.4%, and the proposed wealth tax has generated significant attention and controversy.
"California’s Wealth Tax Arrives" via @WSJ https://t.co/r968zXwPXM
California’s Wealth Tax Arrives https://t.co/a7vez4VhrB
You can watch the CA State Assembly Revenue & Taxation committee hearing on a proposed wealth tax in California here, it starts at 4pm. https://t.co/i1rTwQ12hh
Interesting, California top income tax rate went up to 14.4%, and payroll tax is now for all income earners, not those above a threshold. With people leaving the state, this looks like a vicious cycle to me. https://t.co/lkJXdBezd9
The top 1% pay more than half of the taxes of the state. The budget has ballooned in the last decade. Put the progressives in charge and we will accelerate the flood of tax paying Californians leaving. Every day, more folks are leaving or planning it. This is insane virtue… https://t.co/73tojYPWKA
"California’s Wealth Tax Arrives" https://t.co/7Ik6HPZslL If you're rich and live in California, LEAVE NOW. There are plenty of other places in this country with nice beaches and nice weather, and their politicians don't despise your success!
750,000 people left California over the last three years but it has the highest state income tax in the country and it's the 1% who account for >40% of the state’s income tax that are fleeing, not the hobos who were told by government to come here. https://t.co/5n6e8UcxsP A…
As @CAGovernor Newsom has said repeatedly over many years, a wealth tax is not part of the conversation – wealth tax proposals are going nowhere in California. https://t.co/YEtdBQr19r
A new tax on the richest of the rich in California? CA lawmakers are dusting off a long-shelved idea to tax assets of mega millionaires and billionaires with a hearing scheduled this week. Will the state’s big budget shortfall push them to pass it? https://t.co/VdH9eFudXH