AB 2088 – California Globe

Gov. Gavin Newsom Announces Opposition to Wealth Tax Proposal

February 18, 2023 9:18 amFebruary 18, 2023 9:18 am

Governor Gavin Newsom announced his opposition to the AB 259 by Assemblyman Alex Lee (D-Silicon Valley), the wealth tax bill earlier this week, cementing that the bill would ultimately not be passed this year even if passed by both the Assembly...

Deja Vu: Another Wealth Tax Bill Introduced in Assembly to Combat Homelessness

December 11, 2020 2:38 pmDecember 23, 2020 8:07 am

A new bill was introduced in the Assembly this week that would simultaneously increase corporate taxes, raise income taxes on citizens making over $1 million a year, and eliminate corporate tax “loopholes.” Assembly Bill 71, jointly authored by Assembly members...

Jeffrey Gundlach, Other Wealthy Californians Threaten To Leave California If Wealth Tax Is Passed

September 29, 2020 2:37 amSeptember 28, 2020 8:39 pm

During the weekend, a new round of wealthy Californians, including Billionaire Jeffrey Gundlach, threatened to leave California should the new proposed wealth tax be passed, putting pressure on lawmakers who hope to pass the proposed bill next session. Wealth tax...

‘Time Stealing’ Regulations for ‘The Wealth Tax’

August 17, 2020 1:14 pmAugust 17, 2020 7:58 pm

Can you imagine having to do an inventory and net worth calculation every year? Let alone potentially being audited and having to prove that values were not intentionally understated? It’s not only financial robbery, it’s time theft! – Senator John...

California Dems’ Wealth Tax Follows People Who Move Out of the State

August 17, 2020 7:28 amAugust 18, 2020 8:12 am

Assemblyman Rob Bonta (D-Oakland) made an appearance on “Cavuto: Coast to Coast” Friday to discuss his Wealth Tax proposal. Bonta told Cavuto the tax “affects about 0.15% of the California population — not the top 10%, not the top 1%,...

California Legislators Propose Wealth Tax

August 13, 2020 2:24 pmAugust 13, 2020 2:25 pm

On the morning of August 13, Assembly Bill 2088 was gutted-and-amended an elections bill into a wealth tax. AB 2088 is jointly authored by Assembly Members Bonta, Carrillo, Chiu, Gonzalez, Kalra, Santiago, Stone, Ting, and Wicks. Assembly coauthors include Chu...

CA Democrats Pushing First-in-the-Nation ‘Wealth Tax’ on State’s Billionaires

August 13, 2020 1:10 pmAugust 13, 2020 2:27 pm

Oakland Assemblyman Rob Bonta held a press conference Thursday announcing his legislation to tax the state’s wealthiest job creators and innovators – the 30,400 billionaires living and working in California. This first-in-the-nation net worth tax is estimated to generate $7.5...