FOR IMMEDIATE RELEASE                                                  CONTACT: Brooke Armour
January 12, 2024                                                                                       (916) 553-4093

Assemblymember Irwin and Committee's Decision on the Wealth Tax Prioritizes Fiscal Stability for California

SACRAMENTO, CA – The California Business Roundtable extends sincere appreciation to Assemblymember Irwin, Chair of Assembly Revenue and Taxation, and the committee members for their prudent decision to hold Assembly Bill 259, the wealth tax proposal. We thank Assemblymember Irwin for her leadership and the committee's commitment to maintaining fiscal stability.

“Assemblymember Irwin's recognition that imposing additional taxes could potentially drive high earners away from the state resonates with our commitment to sustaining a business-friendly environment and protecting the job market and fiscal health of California," said Rob Lapsley, President of the California Business Roundtable. "We all know that California's financial stability is based on a small percentage of high-income taxpayers, and we stand in agreement with the governor's opposition to the wealth tax. It is clear that implementing such a tax would jeopardize the state's economic stability, driving more businesses and residents away—a consequence that California cannot afford."

The California Business Roundtable looks forward to continued collaboration with Assemblymember Irwin and the committee to explore balanced approaches that reduce volatility, prioritizing the state's economic health and competitiveness.

Members of the Revenue and Taxation Committee:

• Assemblymember Jacqui Irwin (Chair)
• Assemblymember Tri Ta (Vice Chair)
• Assemblymember Jasmeet Bains
• Assemblymember Mike A. Gipson
• Assemblymember Timothy Grayson
• Assemblymember Jim Patterson
• Assemblymember Luz Rivas
• Assemblymember Joe Patterson (temporarily filled in for the Vice Chair)
   

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