Democrat leaders discuss plan to tax extreme wealth in California

SAN DIEGO (KUSI) – A group of Democrat leaders are coming together to discuss a plan that would tax “extreme wealth” in California.

Assemblymembers Alex Lee, Lorena Gonzalez, Miguel Santiago, and Luz Rivas, will be joined by CFT President Jeff Freitas, Berkeley professor Emmanuel Saez, and entrepreneur and impact investor Joe Sanberg will participate in Monday’s discussion.

They say, “California is already one of the most economically unequal states in the country, and the Covid crisis has further exacerbated inequality.” Adding, “The extreme wealth tax would increase tax revenue, improve tax justice, and help reduce wealth concentration. The collective wealth of California billionaires has surged from $300 billion a decade ago to $706 billion in March 2019 to $960 billion in January 2021.”

The California Federation of Teachers AFT AFL-CIO says the California Extreme Wealth Tax “would implement a 1% tax on wealth in excess of $50 million per household in our state, with an additional .5% on wealth in excess of a billion dollars, to raise critical funds for our recovery.”

The Zoom meeting can be seen here.

Categories: California News, Local San Diego News, Politics