Arab Press

بالشعب و للشعب
Friday, Aug 01, 2025

Some California lawmakers want to impose wealth tax with far-reaching tentacles

Some California lawmakers want to impose wealth tax with far-reaching tentacles

A wealth tax proposal that was pushed this year would have applied up to a 0.4% tax on the amount of a state resident's net worth over $30 million dollars.
The exodus of some businesses and wealthy executives from California is not stopping some state lawmakers from supporting a wealth tax proposal in a state where Democratic Gov. Gavin Newsom is being targeted for recall.

A wealth tax proposal that was pushed this year would have applied up to a 0.4% tax on the amount of a state resident's net worth over $30 million dollars. The proposed bill, AB 2088, would have made those who spent more than 60 days in California in a year subject to some level of the wealth tax.

The amount of the person's wealth subject to the tax would depend on the amount of time spent in the state during the prior ten years. And under the proposal, even leaving the state would not free the taxpayer of the burden, because anyone who had been subject to the tax in the preceding ten years would still be subject to some level of the state wealth tax for up to 10 years.

State Senate Minority Leader Shannon Grove during an interview on the John Solomon Reports podcast said that the proposal failed but that it "is coming back this year." According to Law360, state legislators adjourned without advancing the legislation.

Grove, a Republican, said state Democrats will "try to say that if you generate any revenue in the state...that they can track you down in whatever other state you go to and they can tax you California state taxes for ten years after you leave."

And while some state lawmakers support slapping wealthy individuals with a wealth tax, some Californians are backing a push to recall Democratic Gov. Gavin Newsom.

"Unaffordable housing. Record homelessness. Rising crime. Failing schools. Independent contractors thrown out of work. Exploding pension debt. And now, a locked down population while the prisons are emptied. Hold Gavin Newsom accountable. Gavin Newsom must go," a recall website declares.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
×