It’s time for the California Tax on Extreme Wealth!
On Monday, March 15, the California Federation of Teachers (CFT) proudly joined legislative leaders from throughout California to introduce the California Tax on Extreme Wealth. Sponsored by CFT, the legislation would implement a 1% tax on wealth in excess of $50 million per household in our state, with an additional 0.5% on wealth in excess of a billion dollars, to raise over $22 billion a year to fund our recovery and to rebuild our economy.
The bill asks those who have made so much to contribute a small percentage of their extreme wealth so that our families and our communities can recover from the pandemic and rebuild their lives.
Since the beginning of the pandemic last March, while too many Californians have suffered gut-wrenching pain and loss, billionaires in our state alone have increased their wealth by over $500 billion.
The California Tax on Extreme Wealth simply asks these folks to pay their fair share so that we may all prosper.
Please take the pledge today in support of the California Tax on Extreme Wealth. Our families and our communities are worth it!