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  • Chamber Joins Coalition Opposing Additional Taxes

    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.