President Biden is expected to once again propose a wealth tax during his State of the Union, even after the idea failed to gain traction when Democrats controlled both houses of Congress.
But even if the so-called wealth tax fails on the federal, lawmakers in several states have introduced similar bills on the local level, including one in California.
Assemblymember Lee says under his bill there would be an one-percent tax on assets over $50-million. Assets in excess of a billion dollars would be taxed at 1.5%. Assemblymember Lee says the notion that billionaires will be simply sidestep the law and leave the state is overblown.
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