California Voters Could Be Asked To Impose An Estate Tax

property taxCalifornia voters would consider a state-mandated tax on the assets of wealthy residents, one that could generate as much as $1 billion a year for low-income families, under legislation introduced in the state Legislature on Tuesday.

The bill would ask voters next year to impose an estate tax of a size equal to what was loosened in 2017 by President Trump and Republicans in Congress as part of a broad tax overhaul law. The goal, said the proposal’s author, is to create an overall tax burden for wealthy Californians equal to what existed before the federal tax break was created.

Under Senate Bill 378, the revenues from the tax would be earmarked for programs designed to combat income inequality.

“A California estate tax benefits low-income families by helping them build wealth and end the cycle of intergenerational poverty,” state Sen. Scott Wiener (D-San Francisco) said in a written statement. …

Click here to read the full article from the Los Angeles Times

Comments

  1. Hey Californians when are you going to wise up and move out of state and or change the government back to republican control government? Geez people wise up socialism does not work look to Venezuela for what is happening in California before you lose everything. Family left the state over 20 years with no regrets ever even more so today.

    • GoldProcessor says

      There were 2 distinct groups of boomers took different directions in our lives, the doers and the dreamers.
      The doers buried their heads and energies to make America great. The dreamers started to work on boomers next generation, their education, the local government, State government and eventually the Federal government. The doers made America great, the dreamers took it back a few notches, the doers made more inventions to make America great, the dreamers live off the dividends (Gov. dole) of doers and put more controls on the doers in the name of politically correct, civility, compassionate, and doers and dreamers should all arrive at the destination of our “life long journey” ALL equal! So the dreamers are now in total control of “California” the fifth largest economy in the world I hear for many, many years now. All the dreamer people in the world want to come to California to enjoy the last of the dividend, the hard working doers made in the last 60 years. What else are left besides to tax the dead doers? Dreamers young and old are all asking, health care for everyone in CA, basic pay for everyone in CA, housing for everyone here, maybe free buses and train rides, might as well. Dreamers…we already have this system like you want. It’s the prison! AND you dreamers are taking that away by kicking the poor inmates out early, taking away the system dreamers built, leaving them poor souls in the cold to recreate…the same crime over and over. It’s all a bad dream, dreamers! However, a horrible reality to all conservative boomers.

      • CaliExpat says

        Sadly accurate…
        But it’s time for the “doers” to tell the dreamers to go pound sand, instead of voting for the “nice” candidate that’s killing your economic future….
        And stop the union political fundraising…
        Public sector unions have NO right to buy their election results…

  2. Tax and spend. They will never have enough. NEVER!
    Revolt! Recall! Rise Up!
    Let’s make the NEWS for the Nation to see!

    • CaliExpat says

      Absolutely right…
      As California goes, so goes the nation…
      That’s happening here in Colorado…
      Time to realize that politics is a full-time game now…the other side does…
      Time to rise up and fight fire with more fire…

  3. What right does the govt have to money that was already taxed when it was earned just because the person died after earning it?

  4. Bogiewheel says

    To paraphrase Winston Churchill………We contend that for a state to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself by the handles.

  5. We like people who get to be rich. They earned it or came by it honestly and they deserve to hold on to what is theirs. The “poor” have absolutely no right to take this away from them.

  6. And, it will most likely be interpreted as an “escape tax” if you wish to liquidate your assets and settle elsewhere.

  7. Gotta Gedada Displace says

    So what else does CA need but another reason for the economic elite to flee the state, if moving their assets to trusts or other entities is not for some reason, a solution ? Gee, won’t it be fun for those of us who can’t leave immediately to watch as the majority tax burden formerly absorbed by the fleeing elite, now falls on OUR shoulders, and without gaining a penny of new income, WE become by default the new “super rich” and get to shoulder not only higher taxes, but the newly lowered mantle of the estate tax also !
    I wish I could sell ruby slippers to the GOP leadership – they must wear out 10 pairs a day clicking them together as, with ZERO action to date to fix “top 2” OR “ballot harvesting” they continue their mantra of “THIS time will be DIFFERENT ! ” to a sea of ears deafened by the REALITY that eludes only THEM. My daily prayer is to be an expat before then.
    The past demise of State mental health facilities is as sad for swelling the population of the mentally ill on our streets, as for swelling the ranks of Wiener and his reality challenged ilk in the Legislature.

    • So where IS Ms. Patterson, the new savior of the CAGOP???
      The wires have been strangely quiet since her ascension to the throne???
      Don’t tell me she’s another figurehead “do nothing” “leader “…

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