SACRAMENTO, Calif. (KERO) — 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.
"For far too long, we've allowed income inequality to deepen and fester in this state and in this country, where the rich get richer and the middle class shrinks and falls further behind," said Lee.
Assemblymember Liz Ortega joined Lee in his calls for income equality.
"If you can afford to send yourself to wherever you want to go, out in space, then you can afford to tax yourself a little more to use everything we have here in the state of California," said Ortega.
The proposal aims to tax assets such as stocks, bonds, and property that can skyrocket in value without incurring taxes until it is sold. Advocates say the new tax could help boost funding for schools, housing, and other social programs.
If two-thirds of the state legislature votes in favor of the measure, then voters will have the final say on the 2024 ballot.
