{"id":9088,"date":"2023-01-24T13:42:22","date_gmt":"2023-01-24T20:42:22","guid":{"rendered":"https:\/\/sandiegonewsdesk.com\/?p=9088"},"modified":"2023-01-24T14:54:36","modified_gmt":"2023-01-24T21:54:36","slug":"new-wealth-tax-aca-3-introduced-in-california","status":"publish","type":"post","link":"https:\/\/sandiegonewsdesk.com\/?p=9088","title":{"rendered":"New Wealth Tax (ACA 3) Introduced in California"},"content":{"rendered":"

The original story can be read\u00a0here<\/a>.<\/p>\n

By\u00a0Stephen Frank<\/span><\/span><\/p>\n

It will take a Democrat bill to force Mark Zuckerberg and other billionaires to leave California.\u00a0 If ACA 3 is passed, rich people will be taxed not only on their income, but on their accumulated wealth, EACH YEAR.\u00a0 Literally this is an effort to end investments in California and lose tax revenues.\u00a0 When Elon Muck left California, it cost us $13 BILLION in tax revenues.\u00a0 Now we have a minimum of $24 billion deficit\u2014in large part because California did not want Musk.<\/p>\n

\u201cThe first change that ACA 3 would make is to amend Article XIII, Section 2 to provide that the Legislature may provide for the taxation of all forms of personal property or wealth, tangible or intangible and classify personal property or wealth for differential taxation or for exemption. In addition, any tax on personal property or wealth imposed would be administered and collected by the Franchise Tax Board and the Department of Justice, as determined by the Legislature in statute.<\/p>\n

That means Oprah, Gore, Zuckerberg will receive a separate tax invoice for the value of their homes, property and holdings\u2014including stocks and other equities.\u00a0 This is how Socialism works\u2014it is equitable\u2014everybody is poor and have no incentive to innovate or invest.<\/p>\n

New Wealth Tax Introduced in California<\/a><\/strong><\/p>\n

By\u00a0Chris Micheli<\/a>, California Globe,\u00a0\u00a0 1\/21\/23<\/p>\n

On January 19, a new wealth tax was introduced in the California Legislature. Assembly Constitutional Amendment (ACA) 3 was introduced by Assemblyman Alex Lee (D-Palo Alto), along with co-authors Assembly Members Ash Kalra, Wendy Carrillo, Matt Haney, Corey Jackson, Liz Ortega, and Miguel Santiago, and Senators Maria Elena Durazo, Lena Gonzalez, and Lola Smallwood-Cuevas.<\/p>\n

ACA 3 is a resolution to propose to the people of the State of California an amendment to the California Constitution, by amending Section 2 of Article XIII, and by amending Section 1 of Article XIII B, relating to public finance. As a constitutional amendment, ACA 3 will require a 2\/3 vote in both the Assembly and Senate before it would go before California\u2019s voters on the next statewide ballot.<\/p>\n

ACA 3 begins with six WHEREAS clauses including that California has long-term needs that are not being met by existing revenue sources; wealth inequality among state residents has increased dramatically; a tax on extreme wealth will restore fairness to California\u2019s tax system and raise significant revenue to meet new and existing urgent needs; and, the State\u2019s appropriations limit needs to be updated so that it also permits the state and local government to meet their basic obligations in a changing and more challenging world.<\/p>\n

The first change that ACA 3 would make is to amend Article XIII, Section 2 to provide that the Legislature may provide for the taxation of all forms of personal property or wealth, tangible or intangible and classify personal property or wealth for differential taxation or for exemption. In addition, any tax on personal property or wealth imposed would be administered and collected by the Franchise Tax Board and the Department of Justice, as determined by the Legislature in statute.<\/p>\n

The second change that ACA 3 would make is to amend Article XIII B, Section 1 to modify the Gann Limit or the State Appropriations Limit (SAL). The SAL would not be exceeded unless two out of three conditions have been satisfied. The first would require expenditures per student to place California in the top 10 states. The second would determine that California is among the 10 states with the lowest fraction of population without\u00a0health<\/a>\u00a0insurance. The third would determine that California is no longer among the top 10 states with the highest percentage of households whose costs are in excess of 50% of household income.<\/p><\/blockquote>\n

The original story can be read\u00a0here<\/a>.<\/p>\n

Photo via CGTN<\/p>\n

Support Local News like this and Donate\u00a0Here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The original story can be read\u00a0here. By\u00a0Stephen Frank It will take a Democrat bill to force Mark Zuckerberg and other billionaires to leave California.\u00a0 If ACA 3 is passed, rich people will be taxed not only on their income, but on their accumulated wealth, EACH YEAR.\u00a0 Literally this is an effort to end investments in…<\/p>\n","protected":false},"author":3,"featured_media":5732,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-9088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"\nNew Wealth Tax (ACA 3) Introduced in California - San Diego News Desk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sandiegonewsdesk.com\/?p=9088\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Wealth Tax (ACA 3) Introduced in California - San Diego News Desk\" \/>\n<meta property=\"og:description\" content=\"The original story can be read\u00a0here. By\u00a0Stephen Frank It will take a Democrat bill to force Mark Zuckerberg and other billionaires to leave California.\u00a0 If ACA 3 is passed, rich people will be taxed not only on their income, but on their accumulated wealth, EACH YEAR.\u00a0 Literally this is an effort to end investments in...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sandiegonewsdesk.com\/?p=9088\" \/>\n<meta property=\"og:site_name\" content=\"San Diego News Desk\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-24T20:42:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-24T21:54:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/sandiegonewsdesk.com\/wp-content\/uploads\/2021\/04\/Taxes.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/#organization\",\"name\":\"San Diego News Desk\",\"url\":\"https:\/\/sandiegonewsdesk.com\/\",\"sameAs\":[],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/#logo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/sandiegonewsdesk.com\/wp-content\/uploads\/2019\/07\/Logo-SanDiegoNewsDesk-Article.png\",\"contentUrl\":\"https:\/\/sandiegonewsdesk.com\/wp-content\/uploads\/2019\/07\/Logo-SanDiegoNewsDesk-Article.png\",\"width\":1200,\"height\":720,\"caption\":\"San Diego News Desk\"},\"image\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/#website\",\"url\":\"https:\/\/sandiegonewsdesk.com\/\",\"name\":\"San Diego News Desk\",\"description\":\"Your Source for News in San Diego\",\"publisher\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/sandiegonewsdesk.com\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=9088#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/sandiegonewsdesk.com\/wp-content\/uploads\/2021\/04\/Taxes.png\",\"contentUrl\":\"https:\/\/sandiegonewsdesk.com\/wp-content\/uploads\/2021\/04\/Taxes.png\",\"width\":1200,\"height\":720},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=9088#webpage\",\"url\":\"https:\/\/sandiegonewsdesk.com\/?p=9088\",\"name\":\"New Wealth Tax (ACA 3) Introduced in California - San Diego News Desk\",\"isPartOf\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=9088#primaryimage\"},\"datePublished\":\"2023-01-24T20:42:22+00:00\",\"dateModified\":\"2023-01-24T21:54:36+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=9088#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/sandiegonewsdesk.com\/?p=9088\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=9088#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/sandiegonewsdesk.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New Wealth Tax (ACA 3) Introduced in California\"}]},{\"@type\":\"Article\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=9088#article\",\"isPartOf\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=9088#webpage\"},\"author\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/#\/schema\/person\/f5bed4fc07270caa9fa05a8b26be4751\"},\"headline\":\"New Wealth Tax (ACA 3) Introduced in California\",\"datePublished\":\"2023-01-24T20:42:22+00:00\",\"dateModified\":\"2023-01-24T21:54:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=9088#webpage\"},\"wordCount\":630,\"publisher\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=9088#primaryimage\"},\"thumbnailUrl\":\"https:\/\/sandiegonewsdesk.com\/wp-content\/uploads\/2021\/04\/Taxes.png\",\"articleSection\":[\"Politics\"],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/#\/schema\/person\/f5bed4fc07270caa9fa05a8b26be4751\",\"name\":\"San Diego News Desk\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/05062ed7eb31bfe5ee9233a235e7d2e2?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/05062ed7eb31bfe5ee9233a235e7d2e2?s=96&d=mm&r=g\",\"caption\":\"San Diego News Desk\"},\"url\":\"https:\/\/sandiegonewsdesk.com\/?author=3\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=\/wp\/v2\/posts\/9088"}],"collection":[{"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9088"}],"version-history":[{"count":0,"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=\/wp\/v2\/posts\/9088\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=\/wp\/v2\/media\/5732"}],"wp:attachment":[{"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}