Commentary from Dan Walters: There’s no shortage of efforts to impose new taxes on the wealthy or corporations in California, but few of them survive the political process.
There’s no shortage of efforts to impose new taxes on the wealthy or corporations in California, but few of them survive the political process.
Each year sees a new batch of tax-the-rich proposals in the Legislature or in state and local ballot measures, usually under the rubric of forcing the affluent to pay their “fare share,” even though California’s tax revenues, particularly income taxes, are already largely provided by upper-income residents.
It’s an annual exercise that so far has never advanced beyond the introductory phase, in part because Gov. Gavin Newsom, although endorsing many left-of-center proposals, is adamantly opposed, saying “A wealth tax is not part of the conversation. Wealth taxes are going nowhere in California.”, a 2022 ballot measure that would have placed a 1.75% surtax on personal incomes above $2 million to support climate change resilience.
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