Chapter 2 would be added and is titled, “Imposition of Tax on Wealth.” This new law applies to tax years beginning on or after January 1, 2023, and before January 1, 2025, on the activity of sustaining excessive accumulations of wealth as a resident.  There would also be imposed an excise tax of 1.5 percent upon the worldwide net worth of every resident in this state in excess of:

• For married taxpayers filing separately, $500,000,000.
• For all other taxpayers, $1,000,000,000.

Read More: https://californiaglobe.com/articles/new-wealth-tax-proposal-in-california-in-assembly-bill-2289/