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Several states, including Maine and Washington, have recently passed or proposed new taxes targeting high earners.Credit: Bloomberg \/ Getty Images Key Takeaways <\/p>\n
Several states, including Maine and Washington, have recently passed or proposed new taxes targeting high earners.
Credit: Bloomberg \/ Getty Images Key Takeaways <\/p>\n
California voters may decide on a one-time billionaire tax in November to address a health care funding shortfall.<\/p>\n
Critics argue these taxes drive wealthy residents to relocate, while supporters suggest they’re needed to bolster state revenue.<\/p>\n
A billionaire tax is heading to California ballots this November as a wave of states explore or impose higher taxes on the wealthy.<\/p>\n
California’s ballot initiative would impose a one-time 5% tax on those with a net worth of a $1 billion or more. The measure has received almost 1.6 million signatures, more than half of which need to be verified before it can appear on the ballot.<\/p>\n
What This Means For You <\/p>\n
Some states are trying to tax high earners or those with high net worths at higher rates. These policies can affect state budgets and economic activity.<\/p>\n
Supporters of these initiatives say they can help fill state budget gaps, while detractors say wealthy people could simply leave entirely. California, which has a massive economy and a long list of wealthy inhabitants, is a high-profile example of a strategy that has been employed by several other states.<\/p>\n
Maine has passed legislation increasing taxes on high earners.<\/a> Beginning in 2027, single filers earning more than $1 million will pay a 2% surtax on income above that threshold. Washington state also recently passed a millionaire tax: Starting in 2028, residents will pay 9.9% on income above $1 million.<\/p>\n New Jersey and Massachusetts have charged surtaxes on millionaires for years. According to the Tax Foundation, New Jersey was one of the first states to pass a millionaire’s tax in 2004.<\/p>\n