California Proposes Tax on Billionaires for November Vote
A proposed tax targeting billionaires in California will be presented to voters. The measure has sparked significant opposition from wealthy individuals. (sources: nytimes, theguardian)
California's proposed billionaire tax, which aims to impose a 5% levy on the state's billionaires, will be on the ballot in November. Wealthy individuals are responding with two ballot measures that could counteract the tax.
- The proposed tax is supported by progressive groups.
- Opposition from billionaires includes two ballot initiatives aimed at nullifying the tax.
- The debate reflects broader issues of economic inequality in American politics.
Why it matters
The outcome of the vote could influence tax policy and economic inequality discussions in California and beyond.
↓ Congress can act on this
5 bills on this issue are moving right now — and the most active one is HR1301: Death Tax Repeal Act.
HR1301 · 119th Congress
Death Tax Repeal Act
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About this bill
What HR1301 actually does
This story is about California Proposes Tax on Billionaires for November Vote. This bill would repeal the federal estate tax and generation-skipping transfer tax.
If passed, it would:
- repeal the federal estate tax and generation-skipping transfer tax • substantially narrow federal taxation of inherited large fortunes.
4 other bills moving on this issue
Take action on any of them individually.
This story is about California Proposes Tax on Billionaires for November Vote. This bill would require annual taxation of some billionaire gains through mark-to-market rules.
If passed, it would
- require annual taxation of some billionaire gains through mark-to-market rules • close tax-planning routes tied to “buy, borrow, die” and untaxed appreciated assets passed to heirs.
This story is about California Proposes Tax on Billionaires for November Vote. This bill would impose an annual wealth tax with rates ranging from 2% to 8% above statutory thresholds.
If passed, it would
- impose an annual wealth tax with rates ranging from 2% to 8% above statutory thresholds • add reporting and enforcement rules for taxable assets.
This story is about California Proposes Tax on Billionaires for November Vote. This bill would impose a fair-share tax on high-income taxpayers above $1 million in adjusted gross income.
If passed, it would
- impose a fair-share tax on high-income taxpayers above $1 million in adjusted gross income • use a 30% tentative tax floor for those taxpayers.
This story is about California Proposes Tax on Billionaires for November Vote. This bill would limit preferential capital-gains rates to income up to $1 million.
If passed, it would
- limit preferential capital-gains rates to income up to $1 million • treat many gifts and transfers at death as realization events for capital-gains tax purposes.