California Considers Estate Tax to Raise $1B

California voters could decide in 2020 whether they want a state-level estate tax that would raise as much as $1 billion a year.

Sen. Scott Wiener (D) introduced a bill March 26 to place the question on the ballot, which would be necessary to overturn a 1982 measure prohibiting California estate taxes.

• The California tax would be modeled on the 40 percent federal estate tax with the same exemptions, such as transfers to surviving spouses. Lower exemption rates of $3.5 million for individuals or $7 million for married couples would apply.
• Revenue would go to a new Children’s Wealth and ...