Tax on Extreme Wealth Introduced in California in Coordinated Effort With Seven Additional States

Monday, January 23, 2023

In a concerted effort with seven other states, Assemblymember Alex Lee (D-San José) has reintroduced the tax on extreme wealth in California as AB 259 and an accompanying proposed constitutional amendment, ACA 3. This tax would apply to households with net worths of more than $50 million, or the top 0.1% of Californians, and would generate an estimated $21.6 billion annually — roughly the same amount as the projected budget shortfall from the Governor’s proposed budget this year.