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(CALIFORNIA GLOBE) – On January 19, a new wealth tax was introduced in the California Legislature. Assembly Constitutional Amendment (ACA) 3 was introduced by Assemblyman Alex Lee (D-Palo Alto), along with co-authors Assembly Members Ash Kalra, Wendy Carrillo, Matt Haney, Corey Jackson, Liz Ortega, and Miguel Santiago, and Senators Maria Elena Durazo, Lena Gonzalez, and Lola Smallwood-Cuevas.
ACA 3 is a resolution to propose to the people of the State of California an amendment to the California Constitution, by amending Section 2 of Article XIII, and by amending Section 1 of Article XIII B, relating to public finance. As a constitutional amendment, ACA 3 will require a 2/3 vote in both the Assembly and Senate before it would go before California’s voters on the next statewide ballot.
ACA 3 begins with six WHEREAS clauses including that California has long-term needs that are not being met by existing revenue sources; wealth inequality among state residents has increased dramatically; a tax on extreme wealth will restore fairness to California’s tax system and raise significant revenue to meet new and existing urgent needs; and, the State’s appropriations limit needs to be updated so that it also permits the state and local government to meet their basic obligations in a changing and more challenging world.
