New state tax for millionaires

This forum is for politics at the state level. It includes the state senate and assembly, possible law suggestions, and other topics related to the state of California.
Forum rules
Post Reply
Bryan
Posts: 25
Joined: Wed Jul 09, 2025 9:44 pm

New state tax for millionaires

Post by Bryan »

Washington state has passed a state tax for millionaires. It is 9.9% of income over $1 million. Found it on msn.com. After 93 years and a 25-hour filibuster, Washington finally has an income tax, and billionaires are already packing their bags.

Code: Select all

https://www.msn.com/en-us/news/politics/after-93-years-and-a-25-hour-filibuster-washington-finally-has-an-income-tax-and-billionaires-are-already-packing-their-bags/ar-AA1YESWI?uxmode=ruby&ocid=edgntpruby&pc=BINBAN&cvid=69b6c3976476482c889c0afbb8de9a24&ei=25

Further down found this paragraph:
Similarly, in California, a labor union put forward the 2026 Billionaire Tax Act, a ballot initiative that would impose a one-time 5% tax on residents with a net worth above $1 billion. If passed, it could generate approximately $100 billion in one-time revenue, directed toward healthcare and food assistance.

We need to write letters and get California to pass such legislation.
Your thoughts?
Top
Post Reply

Return to “CA State Politics”