GOOD AND HARD: Calif. Dems’ Taxes on Millionaires Could Spell Disaster in Golden State.

The two latest tax proposals, Assembly Bills 1253 and 2088, both explicitly target California’s ultra-wealthy. A.B. 1253, released in late July, imposes an additional 1, 3, and 3.5 percent tax on earnings over $1, $2, and $5 million, respectively, applied retroactively to the first day of 2020. A.B. 2088 would impose a 0.4 percent tax on all personal wealth in excess of $15 million ($30 million for couples), including assets outside of California.

Both bills would hit many of the state’s tech billionaires, such as Oracle CEO Larry Ellison (worth $59 billion), Mark Zuckerberg ($54.7 billion), and Democratic megadonor Laurene Powell Jobs ($16.4 billion). A.B. 2088 would be the first state wealth tax in the nation, mirroring the tax agendas of prominent progressives such as Sens. Bernie Sanders (I., Vt.) and Elizabeth Warren (D., Mass.).

Assemblyman Rob Bonta (D.), one of A.B. 2088’s main sponsors, argued that the bill was necessary to fill the $50 billion budget hole left by the coronavirus crisis.

Easy call: It won’t.