March 15, 2021 — California legislators plan to re-introduce a first-of-its-kind wealth tax proposal similar to the one that failed in 2020. Instead of a 4% tax on wealth over $40 million, this year’s proposal would impose a 1% tax on wealth above $50 million and a 1.5% tax on wealth above $1 billion. The new proposal, ACA 6/AB 310, calls for a state constitutional amendment that would require approval by 2/3 of both houses of the Legislature but only a majority of voters. Here is a link to the “virtual press conference” describing the proposal and the reasons behind it: