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A California Democrat is renewing his efforts to tax wealthy residents’ net worth as a potential solution to closing the state’s $68 billion spending gap.. And Democratic Assembly Speaker ...
A 2024 post from Senate Democrats in support of a wealth tax in the form of Senate Bill 5486 said proceeds would be “dedicated to education, housing, disability services, and tax credits for ...
California Gov. Gavin Newsom releases his 2024-25 budget proposal, a $291.5 billion plan to close a $37.86 billion budget shortfall, on Wednesday, Jan. 10, 2024. Newsom’s tax politics
The wealth tax proposal, which would raise tax rates on the wealthy, would mark a major departure from current U.S. tax policy. Harris could turn "taxing the rich" into a major issue in the ...
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.
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California is facing an estimated $38 billion to $73 billion budget deficit. Legislative leaders and Newsom want to take early action on the spending gap before they negotiate the state’s ...
Harris’ proposal to increase the tax rate on realized capital gains to 28% would apply to taxpayers with income over $1 million. About 875,500 taxpayers – or 0.54% – reported having that ...