State lawmakers to consider wealth tax on the richest Californians

Some California lawmakers will attempt to impose an additional tax on the state's richest residents. Assemblyman Alex Lee, a progressive Democrat from San Jose, filed legislation that would tax an extra 1.5% on Californians with a worldwide net worth of more than $1 billion starting January of 2024, and 1% for those making more than $5o million starting in 2026.