Tax
Mar. 15, 2022
Will wealth tax overtake California’s 13.3% income tax?
Notably, Assembly Bill 2289 isn’t an income tax at all; rather, it would be America’s first bona fide wealth tax.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
California sure does like taxes. The state government always seems to be proposing new taxes or trying to raise rates on the old ones. California also likes to tweak the substantive provisions of the state's tax laws in ways that usually spell higher revenue for the state at the expense of taxpayers. Now, California has proposed a new tax to take effect in 2023 that some people say would collect billions more. Assembly Bill 2289 was introduced by Assemblymember Alex L...
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