So just the mere fact they're proposing this bill, I don't think they're going to get the votes in this legislature. There's six Democrats have already come out against it. So I don't think it's going to pass this year or next year.View on YouTube
Legislative records show that Assembly Constitutional Amendment 8 (ACA 8), titled “Wealth tax: appropriation limits,” was introduced in March 2021 but never advanced: its official status is listed as “Introduced – Dead” as of May 2, 2022, after being re‑referred to the Assembly Revenue & Taxation Committee, with no floor votes or passage in either chamber in 2021 or 2022. (legiscan.com) Independent coverage likewise notes that ACA 8, tied to an earlier wealth‑tax bill (AB 310), “failed to advance out of its committee.” (caltaxandpolicy.com) Later summaries of California tax policy confirm that no state wealth tax has been enacted at all, let alone via ACA 8 in 2021–2022. (halberthargrove.com) Since the wealth tax amendment did not receive sufficient legislative support and was not enacted into law in 2021 or 2022, Sacks’s prediction is correct.