Things seem good now. California’s unemployment rate was just 4.3% in February, “Help Wanted” signs are common. But a recession clearly is approaching.
Which is why the last thing the California Legislature should do is pass even one of the 13 bills on the 2023 Job Killers List just released by the California Chamber of Commerce. “If passed, jobs-killing legislation would put even more pressure on California employers during a recession,” CalChamber President and CEO Jennifer Barrera told us. “A recession is the worst time to increase costs, impose new mandates or create new avenues of litigation. These bills would threaten businesses and entrepreneurs’ ability to continue to maintain or grow their workforce in California.”
Here’s our review of some of the worst bills:
Assembly Bill 259 and Assembly Constitutional Amendment 3 are by Assemblyman Alex Lee, D-San Jose. This is the wealth tax that has been talked about. In AB 259’s words, it would “impose an annual tax at a rate of 1.5% of a resident of this state’s worldwide net worth in excess” of $1 billion, or $500 million for married couples. To collect the tax, the bill would establish yet another bureaucracy, the Wealth Tax Advisory Council. And busy it would be determining the “worldwide net worth” based on different accounting standards in 200 countries, producing endless court cases. Rich people would flee the Golden State even faster than they are now.
Senate Bill 525 is by Sen. Maria Elena Durazo, D-Los Angeles....
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