Lawmaker Offers Wealth Tax Hike for California Inequality Debate

A new California bill to increase income tax rates on people who earn more than $1 million a year is one of three proposals to tax wealthy Californians that could emerge in the final weeks of the legislative session.

A.B. 1253 by Assemblyman Miguel Santiago (D) would levy an additional 1% to 3.5% surcharge on personal income above $1 million a year for joint and single filers. The current income tax rate of 13.3% would increase to $14.3% on incomes above $1 million, $16.3% on incomes above $2 million, and 16.8% on incomes above $5 million.

The proposal ...