California lawmakers introduced a bill that would impose a worldwide wealth tax on wealthy individuals even after they leave the state. The Democrat-introduced legislation would create a 1.5% tax for a resident’s worldwide net worth that exceeds $1 billion in the 2024 and 2025 tax years. Unlike an income tax, under which an individual only pays a certain portion of new income, wealth taxes are based upon an individual’s assets and it would include current and former residents of the state.
