Democrats in California, Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York and Washington trying to implement “wealth taxes” 1% annual tax on people with net worth over $50 million in California (that would be $500k per year if you meet the minimum standard)

Article originally appeared on www.foxnews.com.

California lawmakers are pushing legislation that would impose a new tax on the state’s wealthiest residents — even if they’ve already moved to another part of the country.

Assemblyman Alex Lee, a progressive Democrat, last week introduced a bill in the California State Legislature that would impose an extra annual 1.5% tax on those with a “worldwide net worth” above $1 billion, starting as early as January 2024.

As early as 2026, the threshold for being taxed would drop: those with a worldwide net worth exceeding $50 million would be hit with a 1% annual tax on wealth, while billionaires would still be taxed 1.5%.

Worldwide wealth extends beyond annual income to include diverse holdings such as farm assets, arts and other collectibles, and stocks and hedge fund interest.

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The legislation is a modified version of a wealth tax approved in the …