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Millionaire taxes gain steam as states face budget crunches
Supporters say the new levies will raise revenue for schools and other priorities while opponents warn they could drive wealthy residents away.
- Maine and Washington enacted millionaire taxes last month, joining other Democratic-led states seeking additional revenue as national wealth inequality widens and states face heightened budget pressures.
- Massachusetts voters approved the 4% Fair Share Amendment on incomes above $1 million in 2022, which has provided the commonwealth with $6 billion for transportation and education funding.
- Opponents argue these measures levy new taxes on business owners, potentially dissuading local investment, while proponents counter that moves help balance state tax structures tilted against lower earners.
- Lawmakers in at least a dozen states, including Illinois, Minnesota, Rhode Island, and Virginia, have proposed new taxes for the wealthiest taxpayers as the movement gains momentum nationwide.
- New York Mayor Zohran Mamdani and Gov. Kathy Hochul proposed a new tax for homes valued above $5 million earlier this month, while Michigan advocates suspended their ballot campaign.
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Hanford Sentinel+25 Reposted by 25 other sources
Millionaire taxes gain steam as states face budget crunches
While the idea of a special tax on millionaires is hotly debated across the country, Maine state Rep. Cheryl Golek characterized her state’s new tax as a modest and reasonable step toward fairness. That’s because, she said, working- and middle-class…
In Washington and elsewhere, millionaire taxes gain steam as states face budget crunches - The Daily Chronicle
While the idea of a special tax on millionaires is hotly debated across the country, Maine state Rep. Cheryl Golek characterized her state’s new tax as a modest and reasonable step toward fairness. That’s because, she said, working- and middle-class households in Maine — including teachers, firefighters and nurses — are paying effective state income tax rates similar to or higher than those of the highest earners. “Those who benefit the most fro…
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Total News Sources29
Leaning Left23Leaning Right0Center2Last UpdatedBias Distribution92% Left
Bias Distribution
- 92% of the sources lean Left
92% Left
L 92%
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