- California Democrats are looking to push legislation that would tax the state’s wealthiest residents, even if they’ve moved to a different state.
- The bill was introduced last week by progressive Democrat Alex Lee, which is looking to impose an extra 1.5 percent annual tax on Californians with a “worldwide net worth” greater than $1 billion, beginning January 2024, with the intention of lowering the threshold to $500 million by 2026, Fox News reports.
- “Worldwide net worth” incorporates diverse holdings such as farm assets, arts and other collectibles, as well as stocks and hedge fund interest.
