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49.9%
- Based on the 2021 tax year, the top 1% of California earners paid virtually half – 49.9% -- of the state personal income tax.
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Should California tax ultra-rich people?
Will California reintroduce a wealth tax?
Does California tax the ultra-wealthy?
Would a wealth tax drive the rich out of California?
Will ultra-wealthy be deterred from coming? Symmetrically, the wealth tax kicks in progressively for new residents. They are exempt from the tax on their first year of residence. They pay the tax on 25% of their wealth in their second year, on 50% in their third year, 75% in their fourth year, and on 100% only after 5 years.
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Apr 15, 2022 · The group includes almost 100,000 taxpayers with incomes above $1 million — residents who represent only about one-half of 1% of all tax returns filed in the state but collectively pay about...
Feb 18, 2022 · The Legislature is again proposing a tax on “extreme wealth” in California, a move lawmakers say could bring in billions in state revenue by raising taxes on households worth $50 million.
- Mackenzie Mays
- Staff Writer
- mackenzie.mays@latimes.com
Jan 23, 2023 · A recent poll conducted by Target Smart in late December 2022 and early January 2023 showed that 80% of California voters believe that the ultra-rich should pay what they owe, 76% support implementing a tax on billionaires, and 76% believe that state legislators have a responsibility to put a check on billionaires and the ultra-wealthy.
Jan 19, 2023 · San Jose Assemblymember Alex Lee plans to introduce a bill that would impose new taxes on California’s “extremely wealthy,” at a rate of 1.5% on those worth more than $1 billion starting next...
- Mackenzie Mays
- Staff Writer
- mackenzie.mays@latimes.com
Mar 29, 2024 · A California bill to tax residents with more than $50 million in global income may have died in committee, but the ultrawealthy should still watch for potential wealth taxes. The state is likely to reintroduce a wealth tax due to a looming budget shortfall.
Jan 25, 2023 · Then, they looked at the 2012 California tax increase, brought on by the passage of Proposition 30, which boosted the tax rate by 1% for individuals earning $250,000 to $300,000, 2% for individuals earning $300,000 to $500,000, and 3% for individuals earning over half a million dollars annually.
