These California Democrats want to raise billionaires’ taxes. Will they succeed this time?

Published by
The Sacramento Bee

Raising taxes on the super wealthy is a hurdle that even the nation’s most left-leaning states have yet to overcome. But that hasn’t discouraged a coalition of Democratic California lawmakers from trying again. Assemblymember Alex Lee, a San Jose Democrat, has reintroduced a bill that would tax California’s billionaires at a rate of 1.5% starting in 2024. In 2026, those worth over $50 million would face a 1% tax. “For far too long we’ve allowed income inequality to deepen and fester in this state and in this country, where the rich get wealthier and the middle class shrinks and falls further b…

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