The Santa Maria Valley Chamber partnered The California Taxpayers Association and other organizations to respectfully oppose AB 2289 and ACA 8, which together seek to impose a wealth tax – the first of its kind in the United States. ACA 8 would amend the California Constitution to allow the Legislature to tax tangible personal property, including stocks, bonds, investments, household furnishings, and other personal effects. AB 2289 would impose a tax of 1.5 percent on taxpayers with a worldwide net worth in excess of $1 billion, or in excess of $500 million in the case of a married taxpayer filing separately, for tax years 2023 and 2024. For tax year 2025 and beyond, the tax would change to 1 percent on taxpayers with a worldwide net worth in excess of $50 million, or $25 million in the case of a married taxpayer filing separately.

The letter written in opposition of 289 and ACA 8 may be found here.