California Democrats consider wealth tax — including for people who moved out of state
Fox News
California Democrats introduced legislation that would impose a new tax on wealthy residents — even if they've already moved out of the state.
As early as 2026, the threshold for being taxed would drop: those with a worldwide net worth exceeding $50 million would be hit with a 1% annual tax on wealth, while billionaires would still be taxed 1.5%. Aaron Kliegman is a politics reporter for Fox News Digital.
Worldwide wealth extends beyond annual income to include diverse holdings such as farm assets, arts and other collectibles, and stocks and hedge fund interest.
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