Lawmaker Reintroduces Twice-Failed ‘Wealth Tax’ Proposal
Assembly Member Alex Lee and nine co-authors this week reintroduced legislation to tax assets of high-wealth Californians – a “wealth tax” that would apply to, but would not be limited to, art and collectibles, real property, pension funds, financial assets held offshore, farm assets, mutual funds, index funds, and stocks. The plan, contained in AB 259 and ACA 3, would tax “the activity of sustaining excessive accumulations of wealth” at a rate of 1.5 percent of “worldwide net worth” higher…