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1/5 Today I’m announcing new legislation (#SB378) to create a California estate tax - taxing estates greater than $3.5M. The federal estate tax exemption used to be $600K & is now an obscene $11.4M ($22.8M for a married couple). Estate tax is perhaps the most progressive tax.
2/5 The proceeds of the CA estate tax will be dedicated to reducing wealth inequality. Estate taxes reduce dynastic wealth accumulation. The proceeds will help create wealth in communities that historically haven’t had it, e.g., funding savings accounts for low income children.
3/5 Our proposed CA estate tax exemption of $3.5M is the same as existed in President Obama’s first year in office (2009), the same as proposed by Hillary Clinton in 2016, & the same as proposed this year by Bernie Sanders. thebalance.com/exemption-from…
4/5 CA estate tax, if passed by the Legislature, will appear on Nov 2020 ballot. In 1982, voters banned estate taxes, so only voters can adopt them. It‘ll have same exemptions as federal estate tax, same tax rate (40%) & will deduct federal estate taxes so as not to double tax.
5/5 Thank you to Assemblymembers @RobBonta & @BuffyWicks for co-authoring our proposed California estate tax.
