Not Again! Failed Wealth Tax Legislation Returns

We worked hard to kill it once and we’ll do it again. San Jose Assemblymember Alex Lee has returned with legislation to create a wealth tax that would add to California’s sky-high taxes, diminish our economic competitiveness, drive away employers, jobs and investment, and worsen the state’s already heavy dependence on high-income earners for the bulk of its operating revenue. And did we tell you that California is already pulling in record amounts of tax revenue while producing middling results in addressing some of our biggest challenges, from housing and homelessness to crime and drought.

“It’s very short-sighted, at this time, to heap even more taxes on one segment of the population that’s responsible for the lion’s share of California’s general fund,” Bay Area Council CEO Jim Wunderman told the San Francisco Business Times. “We’re losing people who have brought a lot to the state, because they’re saying they’ve had enough.”