This year, California joined six other states in sending a message to America’s millionaires and billionaires: it’s time to pay up.
On Jan. 20, California Assembly member Alex Lee reintroduced a wealth tax proposal that would tax the state’s billionaires at a rate of 1.5% by 2024 and residents worth over $50 million at a rate of 1% by 2026. The move followed similar efforts by Democratic legislators in Connecticut, Hawaii, Illinois, Maryland, New York, and Washington to make up for the federal government’s lack of action in raising taxes on the rich.
