The bill would ask voters next year to impose an estate tax of a size equal to what was loosened in 2017 by President Trump and Republicans in Congress as part of a broad tax overhaul law. The goal, said the proposal’s author, is to create an overall tax burden for wealthy Californians equal to what existed before the federal tax break was created.
Under Senate Bill 378, the revenues from the tax would be earmarked for programs designed to combat income inequality.
“A California estate tax benefits low-income families by helping them build wealth and end the cycle of intergenerational poverty,” state Sen. Scott Wiener (D-San Francisco) said in a written statement. …
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