As states brace themselves for the revenue nightmare that COVID-19 will bring, the California Assembly is set to consider legislation that could irreparably damage their economic future. Rep. Rob Bonta (D-Oakland) recently proposed Assembly Bill 2088 that would be the first wealth tax in the nation, imposing a 0.4 percent tax on net worth for individuals and joint filers worth over $30 million. As if that wasn’t bad enough, AB 2088 would completely soak the rich by raising the top income tax rate from the already astronomical 13.3 percent to an even more ludicrous 16.8 percent.

Senate Minority Leader Chuck Schumer (D-N.Y.) railed last week against Republicans’ proposal to modestly reduce unemployment insurance benefits. Republicans were concerned that the $600 weekly unemployment insurance benefit has harmed the recovery from the severe disruptions caused by partial economic shutdowns in response to COVID-19.

The Wall Street Journal claims that Bernie Sanders will increase federal taxes to the highest levels since World War II to pay for all of Sanders’ socialist promises:

FreedomWorks is proud to announce that our bill of the month for December 2019 is the Small Business Prosperity Act of 2019, H.R. 4947, introduced by Rep. Andy Biggs (R-Ariz.). The Small Business Prosperity Act would amend the tax code to make permanent the tax benefits pass-through businesses under the Tax Cuts and Jobs Act of 2017.

After repeatedly claiming that the middle class won’t see a tax increase under any of her policy proposals, Sen. Elizabeth Warren (D-Mass.) released the details on Friday of how she plans to pay for Medicare for All. The proposal can hardly be taken seriously, as Warren is, more likely than not, under-estimating the cost of Medicare for All and over-estimating the tax revenues that her proposals will bring in to the treasury.

There has been much talk in recent weeks of marginal income tax rates. Although the far-left have, talked about a return to high marginal income tax rates for several years, Rep. Alexandria Ocasio-Cortez (D-N.Y.) recently renewed the conversation. The “democratic” socialist has called for a massive wealth redistribution, with a top marginal rate of 70 percent.