Democratic lawmakers propose wealth tax for state's wealthiest residents
1 year ago
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Some Democratic lawmakers in California are proposing an additional tax on the state's richest residents. State assemblyman Alex Lee filed legislation that would tax an extra 1.5 percent on Californians with a worldwide net worth of more than a billion dollars beginning next January. It would tax an extra one percent for those making more than $50 million beginning in 2026.
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