Oakland Assemblyman Proposes Wealth Tax

Oakland Assemblyman Proposes Wealth Tax

A state Assembly member from Oakland has proposed a wealth tax believed to the first of its kind in the nation. Rob Bonta’s bill is aimed at helping California recover economically from the coronavirus pandemic. AB 2088 would tax point-four-percent (0.4%) of the net worth of those whose worth exceeds 30-million dollars. Married couples filing separately would be taxed if their net worth exceeds 15-million dollars.