A state assemblymember from the South Bay has proposed a tax on the ultra-rich that he said would be decided by California voters in 2022 if the state Legislature approves putting it on the ballot.

Assemblyman Alex Lee, D-San Jose, joined other state legislators and advocates Monday to announce the plan to impose a 1 percent annual tax on net household wealth of more than $50 million and an additional 0.5 percent on household wealth of more than $1 billion.

Continue reading for FREE

This is NOT a paywall. We just want to make sure you’re a human. Sign in to read this story and receive the weekly roundup in your inbox.

Or

Terms & Conditions

Success! Your account was created and you’re signed in.
Please visit My Account to manage your account.

Dan McMenamin is the managing editor at Bay City News, directing daily news coverage of the 12-county greater Bay Area. He has worked for BCN since 2008 and has been managing editor since 2014 after previously serving as BCN’s San Francisco bureau reporter. A UC Davis graduate, he came to BCN after working for a newspaper and nonprofit in the Davis area. He handles staffing, including coaching of our interns, day-to-day coverage decisions and management of the newswire.