I support a wealth tax.
Assemblyman Alex Lee has proposed another wealth tax that will be reviewed in 2024. According to SacBee.com: “Assembly Bill 259 would institute a 1% tax on the net worth of residents with more than $50 million in assets, with a 1.5% bracket for those with more than $1 billion. The current top income tax rate, levied on millionaires, is 13.3%.”
In Massachusetts, a 4% tax on the state's wealthiest residents (those who make more than a million per year) from 2023 will account for $1 billion of the state's $56 billion fiscal budget for 2024. A portion of those funds will be used to provide all public-school students with free weekday meals. (CBS News)
As a California constituent, I urge you to seriously consider the merits of such a wealth tax. Income inequality has grown substantially, while wages do not match the rise in inflation and costs of living, including housing and food.
First sent on January 14 by Alice
