THIS IS THE “WEALTH TAX” supposedly affecting only billionaires but in fact a threat to every California taxpayer and homeowner.
Prop. 40, imposes a “one-time tax” of 5% of “covered assets” valued above $1 billion. However, the measure includes language that allows the Legislature to rewrite the law later, potentially changing the thresholds, the assets that are covered, the percentage to be taken, and the number of times the tax would be levied.
This is an entirely new type of tax, not knowing where it will lead.
Will all Californians have to submit forms to the Franchise Tax Board declaring their assets every year?
How much will ordinary Californians have to pay for “wealth tax preparation” to comply with this law?
VOTE NO ON 40.
