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Blue States Hunt for Ways to Wring More Taxes From the Wealthy
Tags: Current Focus, Renewal America, United States, Banks / Insurance, Housing / Real Estate, Capital Markets, The Economy, Inequality / Upward Mobility, Movement for Renewal of America, Retirement, 3. Income and Wages Fairness, 6. Capital Allocation for Infrastructure, Goods and Services, 10. Health- Body/Mind Wellbeing for All ,
A wealth tax passed by voters in 2022 in Massachusetts of 4% on incomes exceeding $1 million, yields 3 billion dollars in 2024. Other states are looking at doing this on income over $500,000 for married couples. This includes Minnesota, Maryland, Washington and other states that are seeing a shortfall in taxes and need to offset the loss of federal funding by the DJT administration for Medicaid and other services. The results in Massachusetts shows the revenue forecasted is exceeded proving that millionaires do not always move because they do not want to uproot homes and education of children. There is also an offsetting factor as federal rules under DJT have favored the wealthy in the tax code.
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