CFT continues push to tax extreme wealth in California
Assemblymember Alex Lee re-introduces legislation to tax billionaires
This week Assemblymember Alex Lee (D-San Jose) re-introduced his bill, now titled AB 2289, that seeks to impose a tax on the extreme wealth of the richest Californians. The bill would impact approximately 17,000 multi-millionaires and billionaires in California, which is 0.07% of the total taxpayers in our state.
CFT is a proud sponsor of this bill — that would raise more than $22 billion in revenue annually — and will be working closely with Assemblymember Lee as it makes its way through the state Legislature.
CFT sponsors California tax on extreme wealth
Why tax extreme wealth?
Since the beginning of the pandemic last March, while our families and our communities have suffered gut-wrenching pain and loss, billionaires in our state alone have increased their wealth by over half a trillion dollars.
And their numbers and their extreme wealth just keep on growing. In March 2020, just as COVID began, there were 154 billionaires in California – with a total wealth of $688.3 billion. In January 2021, there were 169 billionaires in California – with a total wealth of more than $1.2 trillion.
CFT says “Tax Billionaires”
We can’t cut our way to the economic recovery our students deserve!
As we navigate the global COVID-19 pandemic, Californians are experiencing crises that reach far beyond the immediate public and personal health emergencies. The poorest Californians, disproportionately people of color in the service, hospitality, and healthcare sectors, have either lost their jobs, resulting in a spike to unemployment unlike anything we have seen in our lifetimes, or are risking their health performing essential frontline services.
How to avoid catastrophic cuts to education and vital social services
OPINION: Tax the super rich
By Jim Miller, AFT Guild, Local 1931
The COVID-19 crisis and subsequent economic collapse along with the national uprising against police brutality and systemic racism have cast a glaring light on the nature of American inequality on the healthcare, criminal justice, and economic fronts. It has never been clearer that as most Americans struggle, the elite thrive.