California 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 California estate tax benefits low-income families by helping them build wealth and end the cycle of intergenerational poverty,” state Sen. Scott Wiener said in a written statement.. That effort came before the president and GOP congressional leaders pushed to loosen the federal estate tax — which now kicks in only on estates worth more than $11.4 million for individuals and $22.8 million for a married couple.
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