Raising taxes on the super wealthy is a hurdle that even the nation’s most left-leaning states have yet to overcome.
But that hasn’t discouraged a coalition of Democratic California lawmakers from trying again.
Assemblymember Alex Lee, a San Jose Democrat, has reintroduced a bill that would tax California’s billionaires at a rate of 1.5% starting in 2024. In 2026, those worth over $50 million would face a 1% tax.
