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.