Next year, Califonia voters may be asked to impose an estate tax equal to what was loosened in 2017 by the Trump administration and Republicans in Congress. Under Senate Bill 378, written by Sen. Scott Wiener (D-San Francisco), the revenues from the tax would be earmarked for programs designed to combat income inequality.
If passed by the Legislature and signed by Gov. Gavin Newsom later this year, the proposal would have to be ratified by voters in the November 2020 statewide election.
If California does this, it will be the first state since the Bush Tax Cuts to reimpose an estate tax. Is it going to be a trend? We’ll be keeping a close eye on this, for sure.