California Assemblymembers propose legislation to create First-in-Nation Net Worth Tax

SACRAMENTO (KUSI) – California Assemblymember Rob Bonta (D-Oakland) unveiled legislative amendments that would establish a first-in-the-nation net worth tax.

The proposed wealth tax would generate an estimated $7.5 billion per year.

Bonta and other supporters believe the tax increase would help “all Californians” that have taken an economic hit resulting from the coronavirus pandemic.

A press release from Assemblymember Bonta says, “the California Wealth Tax would impose a tax on an extremely limited number of individuals who hold the highest levels of wealth. These are individuals who have successfully participated in California’s economy and gained tremendous wealth as a result. Requiring these well-resourced Californians to make a small additional contribution to keep our people working and prospering is the right thing to do.”

Bonta was joined by other Assemblymembers and representatives from SEIU California, the California Federation of Teachers, and the California Teachers Association.

Assemblymember Rob Bonta (D-Oakland)
Senator Nancy Skinner (D-Berkeley)
Assemblymember Miguel Santiago (D-Los Angeles)
Assemblymember David Chiu (D-San Francisco)
SEIU California (Co-Sponsor)
California Federation of Teachers (Co-Sponsor)
California Teachers Association (Co-Sponsor)

Categories: California News