Central Valley Business Times
California’s cash-strapped state government would be virtually wallowing in piles of cash if a proposed wealth tax makes it to the ballot, is approved by voters and survives the usual lawsuits. Critics claim the proposal would be found to be unconstitutional.
Companies that take out life insurance policies on their employees and then reap the death benefits when the worker dies, would have to include those windfalls as part of their annual gross receipts and pay taxes on them, if an initiative makes the ballot, is approved by voters and survives lawsuits.