BusinessCA Groups Press for Tax on Extreme Wealth

CA Groups Press for Tax on Extreme Wealth

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Some Democratic lawmakers are pushing for a new state tax on the uber-wealthy, in order to reduce inequality and better fund public services.

Supporters want to place a measure on the ballot that would levy a 1% tax on households whose net worth exceeds $50 million, and a 1.5% tax on wealth of more than $1 billion.

Asm. Lorena Gonzalez, D-South San Diego, said the money would help create a more just society.

“We create more billionaires than anywhere in the world, and yet we still have people living on the streets,” Gonzalez observed. “We still have schools that are underfunded. We still have people that don’t have access to health care. All those things cost.”

Opponents cite the state’s current budget surplus and say higher taxes would drive ultra-wealthy entrepreneurs to move out of state.

The tax would generate an extra $22.3 billion a year.

Jeff Freitas, president of the California Federation of Teachers, noted that during the pandemic, 7.8 million Californians filed for unemployment but billionaires in the Golden State increased their wealth by more than $250 billion.

tax calculator
“This raises unprecedented revenue that can finally lower our student-teacher ratio, rebuild our infrastructure, create more green jobs, fend off wildfires, build housing for the homeless and much more,” Freitas contended.

Gov. Gavin Newsom has said he does not support a proposal to raise taxes at this time.

Once the package of bills is filed, it would take a vote of two-thirds of the Legislature to put the wealth tax on the ballot. Then the measure would need a simple majority from voters to pass.

Un grupo de legisladores democraticos esta presionando por un nuevo impuesto estatal para los super ricos, esto con la finalidad de reducir la desigualdad y financiar mejor los servicios publicos.

Los partidarios quieren colocar una medida en la boleta que imponga un impuesto del uno por ciento a los hogares con un patrimonio neto superior a los 50 millones de dolares y un impuesto del 1 punto 5 por ciento sobre la riqueza de mas de un billon de dolares.

La asambleista Lorena Gonzalez dice que el dinero ayudaria a crear una sociedad mas justa.

“Creamos mas multimillonarios que en cualquier parte del mundo y, sin embargo, todavia tenemos gente viviendo en las calles. Todavia tenemos escuelas que no cuentan con fondos suficientes. Todavia tenemos personas que no tienen acceso a la atencion medica. Todo eso cuesta.”

germany taxes

Los opositores citan el superavit presupuestario del estado actual y dicen que los impuestos mas altos impulsarian a los empresarios ultra ricos a mudarse a otro estado. El impuesto generaria un extra de 22.3 billones de dolares al ano.

Jeff Freitas, presidente de la Asociacion de Maestros de California, senala que durante la pandemia, 7 punto 8 millones de californianos solicitaron desempleo, pero los multimillonarios de Golden State aumentaron su riqueza en mas de 250 billones de dolares.

“Esto genera ingresos sin precedentes que finalmente pueden reducir nuestra proporcion de estudiantes por maestro, reconstruir nuestra infraestructura, crear mas empleos verdes, defendernos de incendios forestales, construir viviendas para personas sin hogar y mucho mas.”

El gobernador Gavin Newsom ha dicho que no apoyara una propuesta para aumentar los impuestos en este momento. Una vez que se presenten los proyectos de ley, se necesitaria un voto de dos tercios de la legislatura para incluir este impuesto sobre el patrimonio en la boleta. Entonces, la medida necesitaria una mayoria simple de los votantes para ser aprobada.

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