Gavin Newsom Wants To Tax CA Residents AFTER They Move From State

OAKLAND, CALIFORNIA - FEBRUARY 09: California Gov. Gavin Newsom speaks during a bill signing ceremony at Nido's Backyard Mexican Restaurant on February 09, 2022 in San Francisco, California. California Gov. Gavin Newsom signedlegislation to extend COVID-19 supplemental paid sick leave for workers. (Photo by Justin Sullivan/Getty Images)

At a glance

  • 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.

Top News Stories

You May Like: