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Wed Jul 29, 2020, 06:32 AM

California Legislature to consider new tax on millionaires for schools, other services

SACRAMENTO — Democrats in the California Legislature have unveiled a new effort to significantly raise tax rates on taxable income of $1 million and higher, an effort they say would provide billions of dollars to improve K-12 schools and a variety of government services vital to the state’s recovery from the COVID-19 pandemic.

The bill, jointly introduced by 15 Democrats Monday in the Senate, is the clearest sign so far that liberal legislators and interest groups intend to put pressure on business-aligned lawmakers and Gov. Gavin Newsom for new tax revenue before the legislative session ends Aug. 31 — arguing that California’s deep-seated racial and socioeconomic inequities, exacerbated by the current recession, can’t be addressed without more government resources.

“When you take a look at the state, there’s a lot of pain and suffering out there, and we need to put every idea on the table,” said Assemblyman Miguel Santiago (D-Los Angeles), the bill’s author.

Assembly Bill 1253 lays out three new surcharges on income tax for California’s highest earners. It would impose a new 1% surcharge on adjusted gross income starting at $1 million, increasing to 3% for those who earn more than $2 million and rising to 3.5% for taxpayers with income above $5 million.

Read more: https://www.latimes.com/california/story/2020-07-28/california-legislature-tax-hike-millionaires-schools-other-services

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Reply California Legislature to consider new tax on millionaires for schools, other services (Original post)
TexasTowelie Jul 2020 OP
Throck Jul 2020 #1

Response to TexasTowelie (Original post)

Wed Jul 29, 2020, 06:43 AM

1. As if the federal government was going to help them.

The states have to look out for themselves.

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