{"id":9124,"date":"2023-01-31T11:41:58","date_gmt":"2023-01-31T18:41:58","guid":{"rendered":"https:\/\/sandiegonewsdesk.com\/?p=9124"},"modified":"2023-01-31T11:41:58","modified_gmt":"2023-01-31T18:41:58","slug":"california-could-be-first-state-to-impose-a-savings-tax","status":"publish","type":"post","link":"https:\/\/sandiegonewsdesk.com\/?p=9124","title":{"rendered":"California Could Be First State to Impose a “Savings Tax”"},"content":{"rendered":"

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

California already has the highest Income Tax, Sales Tax, Gas Tax, Car Tax and Property Tax – but now California Democrat politicians want to impose another massive tax on savings, investments and assets of state residents<\/h3>\n
By Dylan Martin<\/span><\/h5>\n

California\u2019s taxes are already the highest in the country, but now California Democrat politicians want even more money from residents in the form of a new tax on the assets, investments and even savings accounts held by residents.<\/p>\n

The Democrat politicians claim the tax will only be paid by the \u201crichest residents\u201d in the state and have dubbed their proposal a \u201cWealth Tax\u201d but opponents like Reform California Chairman Carl DeMaio says the proposal needs to be best understood as a \u201cSavings Tax.\u201d<\/p>\n

\u201cCalifornians are already paying the highest taxes on everything they earn, everything they buy, and every property they own – and after all that, if they manage to save or invest any assets, California Democrats want to take a chunk of that too,\u201d DeMaio said. \u201cCalifornia Democrats are punishing people who save for a rainy day,\u201d DeMaio noted.<\/p>\n

Assemblyman Alex Lee has introduced Assembly Bill 259 \u2013 and an accompanying state constitutional amendment with ACA 3 \u2013 to impose a new tax of 1 to 1.5 percent upon the \u201cworldwide net worth\u201d of California\u2019s millionaires. It would also create a Wealth Tax Advisory Council and allocate a minimum of $325 million for the purpose of administering and collecting the tax. Lee\u2019s proposal is projected to impose an extra $22 billion a year in state tax burden on residents.<\/p>\n

If AB 259 and ACA 3 pass, California would be the first state in the country to impose a \u201cSavings\u201d or \u201cWealth\u201d tax. The proposal originally was proposed by national Democratic Socialists – including Senators Elizabeth Warren and Bernie Sanders. Washington state is considering a similar proposal.<\/p>\n

Lee said when announcing the bill that he wanted the \u201crich to be paying their fair share.\u201d But DeMaio says every taxpayer needs to worry.<\/p>\n

\u201cJust as they did with the Income Tax when it was first imposed more than a century ago, once the Democrats create this Savings Tax it will quickly be expanded to include everyone,\u201d DeMaio noted.<\/p>\n

DeMaio also predicts that the tax increase will actually cause the state to lose tax revenue.<\/p>\n

\u201cYou can only tax people so much before they say \u2018enough\u2019 and leave \u2014 California families and companies are fleeing the state every day because they can\u2019t afford to stay,\u201d said DeMaio. \u201cJust look at Tesla, which shifted operations to Texas for better tax laws \u2014 we\u2019re driving these people and jobs away because liberal politicians are greedy for more and more of your hard-earned tax dollars,\u201d he concluded.<\/p>\n

DeMaio and Reform California are committed to exposing and fighting tax increases like the California Savings Tax, and they have a record of success.<\/p>\n

DeMaio spearheaded the signature drive to get the Gas Tax repeal on the ballot in 2018. DeMaio and Reform California have run successful campaigns that have blocked billions in costly tax proposals in just the last decade – including a number of local sales and property tax hikes, a statewide Water Tax and Text Tax, and even fees that masquerade as taxes such as the Mileage Tax.<\/p>\n

DeMaio says the first step to defeating taxes like the California Savings Tax is spreading the information with friends and family \u2014 and supporting Reform California\u2019s efforts to get the word out to target voters.<\/p>\n

DeMaio is also leading the campaign to pass the \u201cCalifornia Taxpayer Protection Initiative\u201d in the 2024 statewide election. This constitutional amendment would require any new tax hike must be approved by 2\/3rds of voters \u2013 and requires honest ballot titles and summaries be used in describing any tax hike proposals on the ballot.<\/p>\n

\u201cI\u2019m asking concerned Californians to join our campaign today to block the crazy Savings Tax proposal and other costly tax hikes by helping us pass the California Taxpayer Protection Initiative in 2024,\u201d said DeMaio. \u201cWith your help, we can win the fight to block these taxes and make California more affordable for our families,\u201d he concluded.<\/p>\n

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

Photo by GotCredit via Flickr<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The original story can be read\u00a0here. California already has the highest Income Tax, Sales Tax, Gas Tax, Car Tax and Property Tax – but now California Democrat politicians want to impose another massive tax on savings, investments and assets of state residents By Dylan Martin California\u2019s taxes are already the highest in the country, but…<\/p>\n","protected":false},"author":3,"featured_media":1181,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,29],"tags":[],"class_list":["post-9124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-taxes"],"yoast_head":"\nCalifornia Could Be First State to Impose a "Savings Tax" - 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=9124\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"California Could Be First State to Impose a "Savings Tax" - San Diego News Desk\" \/>\n<meta property=\"og:description\" content=\"The original story can be read\u00a0here. 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