Commentary
Members of the California legislature have again proposed a wealth tax on the world-wide net worth of full-time, part-time, temporary, and former residents of California. The proposal (AB 259) is to tax individuals having wealth exceeding $50 million in an effort to annually raise $21.6 billion in new taxes. While California Gov. Gavin Newsom has indicated that he doesn’t support the proposed tax, this reappearance of a wealth tax proposal in the California legislature should be subject to serious review.
A chart of California residents’ wealth looks like a hockey stick with precisely three individuals having a net worth exceeding $20 billion. These individuals have a combined estimated net worth of almost $300 billion….