Vote button trans.png
April's Project of the Month
It's spring time. It's primary election season!
Click here to find all the information you'll need to cast your ballot.




California Wealth Tax (2008)

From Ballotpedia
Jump to: navigation, search
Not on Ballot
Proposed allot measures that were not on a ballot
This measure did not or
will not appear on a ballot

The Wealth Tax was an amendment to the California constitution as well as statutes that would have imposed a 45% tax on the value of property exceeding $40 million held anywhere in California. It failed to move forward.

Other provisions of the failed initiative were:

  • Impose one-time tax (between 26.5% and 44.3%) on property exceeding $5 million when resident dies or leaves California.
  • Impose additional 17.5% tax on income exceeding $150,000 single/$250,000 married, increasing to 35% when income exceeds $1 million single/$2 million married.
  • Create new tax credits.
  • Require State to acquire majority shares of certain named corporation to influence environmental practices.
  • Exempt new revenues from determination of education funding requirements.[1]

Proponents

Paul McCauley.

Status

  • The first initiative for the Wealth Tax (07-0029) failed to collect enough signatures.
  • The new initiative (07-0082) is currently in circulation. The deadline is June 2, 2008.

References

External links