As California lawmakers grapple with an estimated $68 billion budget deficit, a year-old wealth tax bill is getting a second chance at becoming a law.
On Wednesday an assembly committee will consider Assembly Bill 259, which would put 1.5 percent tax on Californians who have a net worth of one billion dollars.
It would also impose an additional tax “of 0.5% of a resident’s worldwide net worth in excess of $1,000,000,000, or in excess of $500,000,000 in the case of a married taxpayer filing separately.”
San Jose Assemblyman Alex Lee introduced the bill last year. On March 30, 2023, the bill was referred to the Committees on Revenue and Taxation and Judiciary.
If approved, the tax could kick in this year.
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