California Wealth Tax (2008)
|Not on 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.
- 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.
- Fiscal Statement
- Full text of the initiative
- Press release of initiative from the Secretary of State