CA Wealth Tax
I would like you to re-introduce a wealth tax bill. Nearly identical to the one proposed in 2023: a 1% tax on net worth over $50 million, and 1.5% on net worth over $1 billion. Unlike the previous bill, though, the entirety of the revenue should be used to start funding a guaranteed income. Ideally a universal basic income (enough for every California resident to be able to afford food, housing and medical care), but more realistically, starting with partial income for the poorest residents of California, especially the 10% or so who are living in poverty.
I would like to point out that the above is far, far from what I think we should be doing. For a better plan, please see the following link, which also includes some useful references: https://bleyddyn.codeberg.page/papyrus/fixing-climate-change-with-some-justice.html
"Compassion is the only moral use of power." --Kevin Hearne, A Blight of Blackwings
References
Washington wealth tax
Massachusets wealth tax
TBD
Multi-state wealth taxes
https://www.commondreams.org/news/state-wealth-tax https://www.commondreams.org/news/states-wealth-tax-bills
California wealth tax bill
From 2023 legislation – Assembly Bill 259:
| NET WORTH THRESHOLD | TAX RATE | APPLIES TO |
|---|---|---|
| $50 million+ | 1% | Net worth, excluding the first $50 million |
| $1 billion+ | 1.5% | Net worth, excluding the first $1 billion |
The proposed tax would apply to about 0.1% of Californians (total pop of 39 million as of 2025)
Wealth Migration
Papers related to UBI
Limitarianism
- Overview
- Book
- Author's Web page
- International coordinated minimum taxation for ultra-high-worth individuals
Organizations
