California Could Be First State to Impose a "Savings Tax"

 

California already has the highest Income Tax, Sales Tax, Gas Tax, Car Tax and Property Tax - but now California Democrat politicians want to impose another massive tax on savings, investments and assets of state residents 

California’s taxes are already the highest in the country, but now California Democrat politicians want even more money from residents in the form of a new tax on the assets of residents.

The Democrat politicians claim the tax will only be paid by the “richest residents” in the state and have dubbed their proposal a “Wealth Tax” but opponents like Reform California Chairman Carl DeMaio says the proposal needs to be best understood as a “Savings Tax.” 

“Californians are already paying the highest taxes on everything they earn, everything they buy, and every property they own - and after all that, if they manage to save or invest any assets, California Democrats want to take a chunk of that too,” DeMaio said. “California Democrats are punishing people who save for a rainy day,” DeMaio noted.

Assemblyman Alex Lee has introduced Assembly Bill 2289 to impose a new tax of 1.5 percent upon the “worldwide net worth” of California’s millionaires. It would also create a Wealth Tax Advisory Council and allocate a minimum of $325 million for the purpose of administering and collecting the tax. Lee’s proposal is projected to impose an extra $22 billion a year in state tax burden on residents.