California Wealth Tax Proposal Likely to Stall in Legislature

A California bill to impose a new tax on individuals with a global net worth above $50 million is unlikely to advance in the Legislature this year despite national fanfare about its recent introduction.

Assembly Revenue and Taxation Chair Jacqui Irwin (D) said prospects for the proposal (AB 259) from Assemblyman Alex Lee (D) are the same as last year, when a similar bill died without even an initial hearing in the committee. Although Democrats hold a two-thirds majority in both houses and the governor’s office, party members have divergent ...