A new wealth tax proposal from California Democrats is the latest of several measures they've pushed to tax the rich, a trend that they will continue to push in future proposals.
Fox News Contributor Jonas Max Ferris and Quill Intelligence CEO Danielle DiMartino discuss the population exodus from Democrat states to GOP states over taxes, cost of living and crime on 'Cavuto Live'.
The legislation is a modified version of a wealth tax approved in the California Assembly in 2020 that the Democrat-led state Senate declined to pass. "The wealth tax California Democrats are now pushing is the sort of class warfare that California voters rejected last year when they voted down Proposition 30, a tax hike on high earners that, like the proposed wealth tax, was touted as a way to make the rich pay higher taxes," Patrick Gleason, vice president of state affairs at the Americans for Tax Reform, told Fox News Digital.
The proposed tax hike made it to the ballot with the help of Guarding Against Pandemics, a nonprofit founded and led by Gabe Bankman-Fried, the brother of former FTX CEO Sam Bankman-Fried. The group dedicated millions of dollars to a campaign to get the statewide initiative that would tax California's wealthiest residents and fund public health initiatives on the ballot, the Los Angeles Times has repored.
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