California Proposition 40: Push to Impose One-Time Wealth Tax on Billionaires
- 1California Proposition 40 proposes a one-time 5% tax rate on the assets of individuals with more than $1 billion.
- 2Service Workers International Union-United Healthcare Workers West mentioned an estimated $100 billion in revenue obtainable through the wealth tax.
- 3In recent years, the top 1% of households have accounted for 40% to 50% of all personal income tax revenue in California.
So what's the key point?
A bill is being pushed in California to collect a one-time extra tax from wealthy individuals with assets exceeding $1 billion. If this bill passes, it is expected to collect $100 billion in tax revenue.
Source Fortune · View original ↗
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