California Floats a Wealth Tax While Other States Weigh Tax Cuts

This week in state tax news: Tax cut ideas are still hot in several states but hit a snag in Indiana. Colorado’s governor says the state will accept cryptocurrency for tax payments soon. California floats a wealth tax and expands its view on taxing internet activities. And New York’s new mayor proposes his first budget.

California lawmakers are floating another wealth tax proposal aimed at billionaires.

A group of progressive Assembly members introduced the bill (A.B. 2289) to impose a 1.5% tax on the California share of individual worldwide net worth of $1 billion or more starting in ...