AB 310 / ACA 8Primary Author:
Miguel Santiago (D)
This California Assembly Bill would impose an annual tax rate of 1% to all Californians with a worldwide net worth of at least $50,000,000, or at least $25,000,000 in the case of a married taxpayer filing separately. Worldwide net worth includes any asset of value owned by the taxpayer, besides a few exceptions.
It would also require every taxpayer to either declare their worldwide net worth is less than the exemption threshold or report their worldwide net worth.
Referred to Assembly Revenue and Taxation Committee.