California Wealth Tax (2008)

Not on Ballot
This measure was not put on an election 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.

Proponents

Paul McCauley.

Status

• The first initiative for the Wealth Tax (07-0029) failed to collect enough signatures.

• Another version of the initiative (07-0082) was also circulated. The deadline for that version was June 2, 2008.

External links

• Fiscal Statement
• Full text of the initiative
• Press release of initiative from the Secretary of State