DeMaio Vows to Defeat New CA Wealth Tax

CA State Rep. Carl DeMaio is vowing to defeat a new tax scheme being advanced by CA Democrat politicians to impose a massive “wealth tax” that would impose a lump-sum 5 percent tax on the “net worth” of any Californians the politicians define as “rich.”

DeMaio says the proposal is a “Savings Tax” that would tax your savings account, retirement account and even the value of your home.  If enacted, California would become the first state in the nation to impose this tax – on top of income tax, sales tax, gas tax, property tax, death tax, etc.

“This is the same tired money-grabbing scam that CA Democrats have practiced for years,” said DeMaio.  

“They promise it’ll ‘only hit the rich,’ but once they open the door to taxing the wealth, they’ll come for everyone,” DeMaio warned.  

“Homeowners, retirees, small business owner—no one will be safe once Sacramento starts taxing what you own,” DeMaio added.  

“California politicians already tax your income, your gas, your property, your sales—and now they want to tax your savings,” DeMaio said.  

DeMaio warns that the proposal is tried directly to the state’s ballooning $20 billion budget deficit—a problem caused by overspending and giveaways to special interests.  

“Instead of cutting waste or ending free benefits for people who aren’t even citizens, they just invent new ways to reach into your pocket,” said DeMaio. “It’s redistribution of wealth, plain and simple.”  

DeMaio points to the history of new taxes that start small and end up affecting everyone.  

“When the income tax was created in 1913, they said it would only apply to 1 percent of Americans,” DeMaio explained. “Today, everyone pays for it. That’s exactly what will happen with this wealth tax—they'll set a high threshold, then keep lowering it until it hits the middle class.”  

He calls the proposal a “savings tax,” not a wealth tax, because it targets what people have already earned and saved.  

“Politicians call it ‘fairness,’ but there’s nothing fair about taxing people for owning a home or having a retirement account,” said DeMaio. They’re not solving problems—they're creating poverty.”  

Reform California plans to stop the wealth-tax proposal before it reaches the ballot—part of its broader effort to fight what DeMaio calls “the Seven Hidden Tax Hikes” being pushed in Sacramento, including mileage taxes, Prop 13 repeal, and utility-bill surcharges.  

“We’re building a firewall for taxpayers,” said DeMaio. “We’re fighting this wealth tax, the mileage tax, and every hidden tax scheme the politicians try to sneak through. California doesn’t have a revenue problem—it has a spending problem.”  

“This isn’t about just protecting the rich—it's about protecting the middle class and saving California from financial collapse,” DeMaio said. “We can’t let the same politicians who broke this state tax it to death.”  

DeMaio urges supporters to join the fight and warn voters about the growing tax threats.  

“Don’t wait until it’s too late,” said DeMaio. “Sign up for our campaign to stop tax hikes and join the fight.”