A California bill to impose a new tax on individuals with global net worth above $50 million failed to advance in the Legislature on Wednesday.
The bill (AB 259) by Assemblymember Alex Lee (D) was held in the Assembly Revenue and Taxation Committee after a short hearing. The bill is now dead, but Lee said after the hearing he will probably reintroduce it, as he has the past three years.
“Our revenue options and discussions aren’t going away any time soon, especially if our budget situation gets worse,” ...
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