The plan mirrors national efforts by Sen. Elizabeth Warren, D-Massachusetts, and other members of Congress who earlier this month proposed the Ultra-Millionaire Tax, which would impose a 2 percent annual tax on the net worth of households and trusts above $50 million, with a 1 percent surtax on the net worth of those above $1 billion. We need sizable reinvestments to our community from those who aren t paying their fair share, Lee said at a briefing Monday with fellow state Assemblymembers Lorena Gonzalez, D-San Diego, Miguel Santiago, D-Los Angeles, and Luz Rivas, D-Arleta, and advocates for the wealth tax, including the California Federation of Teachers.
CA Groups Press for Tax on Extreme Wealth
publicnewsservice.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from publicnewsservice.org Daily Mail and Mail on Sunday newspapers.
Build rank-and-file committees to stop the drive to reopen schools across the West Coast!
wsws.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wsws.org Daily Mail and Mail on Sunday newspapers.
SAN DIEGO (KUSI) – A group of Democrat leaders are coming together to discuss a plan that would tax “extreme wealth” in California.
Assemblymembers Alex Lee, Lorena Gonzalez, Miguel Santiago, and Luz Rivas, will be joined by CFT President Jeff Freitas, Berkeley professor Emmanuel Saez, and entrepreneur and impact investor Joe Sanberg will participate in Monday’s discussion.
They say, “California is already one of the most economically unequal states in the country, and the Covid crisis has further exacerbated inequality.” Adding, “The extreme wealth tax would increase tax revenue, improve tax justice, and help reduce wealth concentration. The collective wealth of California billionaires has surged from $300 billion a decade ago to $706 billion in March 2019 to $960 billion in January 2021.”