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California Wealth Tax (2008)

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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