Tax the Rich? California’s Wealth Tax Explained | Jim Righeimer

“Oh, it’s just 1 percent more. It’s 1 percent more, but that extra 1 percent makes somebody say, ‘You know what? I don’t want to pay 13.9. How about I pay you nothing?'”

Siyamak sits down with Jim Righeimer, former mayor of Costa Mesa and host of the radio show “Weekend Answer.” California is considering imposing a wealth tax on people who have more than $50 million in assets. It is estimated to generate $21 billion in tax revenue for the state.

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