The report was issued by the National Taxpayers Union Foundation and stipulates that the tax, which would impose a one-time 5% tax on Californians who have $1 billion or more in assets, could be incentivizing the Golden State’s billionaire class to move to other states.
The tax is meant to generate $100 billion in revenue to help offset federal budget cuts to public services like Medi-Cal, known federally as Medicaid, according to previous reporting by The Center Square. The tax would apply to stocks, bonds, art, collectibles and investments.
