California Democrats introduced legislation that would impose a new tax on wealthy residents — even if they've already moved out of the state.
The legislation is a modified version of a wealth tax approved in the California Assembly in 2020, which the Democrat-led state Senate declined to pass.to impose wealth taxes on residents even years after they left the state and moved elsewhere.
According to Lee, the tax would affect 0.1% of California households and generate an additional $21.6 billion in state revenue, which would go to the state general fund. California hasAdvocates argue that the money could boost funding for schools, housing and other social programs. Perhaps more importantly, however, Lee hopes it could help address California's massive $22.5 billion budget deficit.
"It brings significant administrative challenges with respect to asset and liability valuation, high and distortionary effective rates, among other problems that make it an inefficient revenue source," Gordon Gray, director of fiscal policy at the American Action Forum, told Fox New Digital.
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