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California Dems propose new wealth tax that would follow residents who leave the state

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Image Source: Twitter video screenshot

Progressive California lawmakers introduced a bill last week that would impose a new annual tax on wealthy residents, even if they flee the state, Fox News Digital reported.

The legislation, proposed by Assemblyman Alex Lee (D) and sponsored by nine other state Democrats, would require California residents with a "worldwide net worth" above $1 billion to pay an additional 1.5% yearly tax beginning in January 2024. As early as 2026, the tax threshold could drop to $50 million with an imposed 1% annual tax.

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