California Democrats are pushing for a new tax on the state’s wealthiest residents that includes the ability to tax them even after they’ve left the state for places like Florida or Texas—or even after they move out of the country.
State Rep. Alex Lee introduced the Wealth Tax Act as Assembly Bill 259 and Assembly Constitutional Amendment 3 in the California State Legislature last week, and on Monday held a press conference with his Democrat colleagues calling for wealth taxes “to bring tax justice.”
The proposed law includes provisions that would allow California to tax the “worldwide net worth” of former residents who have moved abroad or relocated to another state, which comes amid an exodus to red states that tend to have less onerous tax regimes….