February 22, 2017
A California Estate Tax?
There is a federal estate tax, for now. The current president and both houses of Congress have indicated a desire to repeal the federal estate tax. Although the details of such a repeal have not been clearly defined. In response, CA state Sen. Scott Wiener (D-San Francisco) has pledged to seek a ballot initiative that would impose a California estate tax if the federal estate tax is repealed.
As of right now, there is no California estate tax.
The reason why a ballot initiative would be needed to impose a California estate tax is because voters in 1982 abolished it via initiative. See California Propositions 5 and 6, Repeal of Inheritance and Gift Tax Laws (June 1982). Thus to revive the California estate tax, another ballot initiative is needed.
This blog offers no opinion on state Senator Wiener's proposal. This post is strictly for informational purposes. Please do not contact me with your viewpoints on the matter, there is reddit for that. Thank you.