1. United States
2. Calif.
3. Letter

I support a wealth tax. Assemblyman Alex Lee has proposed another wealth tax that will be reviewed in 2024. According to SacBee.com: “Assembly Bill 259 would institute a 1% tax on the net worth of residents with more than $50 million in assets, with a 1.5% bracket for those with more than $1 billion. The current top income tax rate, levied on millionaires, is 13.3%.” In Massachusetts, a 4% tax on the state's wealthiest residents (those who make more than a million per year) from 2023 will account for $1 billion of the state's $56 billion fiscal budget for 2024. A portion of those funds will be used to provide all public-school students with free weekday meals. (CBS News) As a California constituent, I urge you to seriously consider the merits of such a wealth tax. Income inequality has grown substantially, while wages do not match the rise in inflation and costs of living, including housing and food.