California’s Wealth Tax Arrives

null By The Editorial BoardJan. 9, 2024 6:34 pm ETJournal Editorial Report: Edward Lawrence interviews economic strategist Jason Trennert. Images: Getty Images/Bloomberg News Composite: Mark KellyProgressive ideas that originate in California have a habit of spreading. So it’s worth paying attention to legislation moving in Sacramento to establish a wealth tax on high earners and a bounty-hunter scheme for plaintiff attorneys to target alleged tax dodgers. Democrats introduced the bill last winter, and it will get a hearing Wednesday in the state Assembly as lawmakers scrounge for revenue to fill a projected $68 billion budget hole. Gov. Gavin Newsom on Wednesday will also unveil his budget for the coming year. Democratic legislators are proposing a wealth tax as an alternative to spending restraint. Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Sponsored OffersTurboTax: Up to 10% off online tax services with TurboTax discount codeThe

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The Editorial Board

Jan. 9, 2024 6:34 pm ET

Journal Editorial Report: Edward Lawrence interviews economic strategist Jason Trennert. Images: Getty Images/Bloomberg News Composite: Mark Kelly

Progressive ideas that originate in California have a habit of spreading. So it’s worth paying attention to legislation moving in Sacramento to establish a wealth tax on high earners and a bounty-hunter scheme for plaintiff attorneys to target alleged tax dodgers.

Democrats introduced the bill last winter, and it will get a hearing Wednesday in the state Assembly as lawmakers scrounge for revenue to fill a projected $68 billion budget hole. Gov. Gavin Newsom on Wednesday will also unveil his budget for the coming year. Democratic legislators are proposing a wealth tax as an alternative to spending restraint.