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/ Progressive lawmakers in California are pushing for an ambitious wealth tax on the ultra-rich, but moderate Democrats have chafed at the idea. Assembly Bill 310, dubbed The California Tax on Extreme Wealth, would impose an annual 1% tax on net worth over $50 million, and a 1.5% tax on net worth over $1 billion. It would also require a constitutional amendment to increase the state’s current wealth tax cap. A UC Berkeley study found the proposal would generate an estimated $22.3 billion a year. Moderate lawmakers warn California’s wealthiest already pay a significant share of the state’s income tax, and additional tax burdens could drive them out. Progressives, meanwhile, say a wealth tax is the best way to close California’s yawning economic equality gap.

United statesLaguna beachGavin newsomCottie petrie norrisElon muskAssemblymember alex leeAssemblymember leeAssembly billCalifornia taxExtreme wealthSan joseGolden stateஒன்றுபட்டது மாநிலங்களில்லகுனா கடற்கரைகவின் செய்திசட்டசபை ர சி து