lawmakers are pushing legislation that would impose a new tax on the state's wealthiest residents, even if they have already moved to another part of the country.Assemblyman Alex Lee, a progressive , last week introduced a bill in the California State Legislature that would impose an extra annual 1.5% tax on those with a 'worldwide net worth' above $1 billion, beginning January 2024.As early as 2026, the threshold for being taxed would decrease. Those with a worldwide net worth exceeding $50 million would have to pay a 1% annual tax on wealth, while billionaires would still be taxed 1.5%.
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