We mentioned that eight blue states already have or are considering raising income or wealth taxes. HOTLINE readers asked us which ones. Here’s a list:
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- Washington: The governor signed a 9.9% income tax on earnings over $1 million.
- Rhode Island: Considering a 3% surtax on incomes over $1 million, known as a “millionaire tax.”
- New York: Mamdani proposed another 2% income tax increase on high-income earners, taking the top city-state rate to 18.5%.
- California: Proposing a “Billionaire Tax Act,” a one-time 5% tax on net worth for residents worth over $1 billion.
- Virginia: Democratic legislators proposed a 10% tax bracket for incomes over $1 million and a new tax on net investment income.
- Michigan: A proposed 5% income surtax on high earners, raising the top marginal rate to 9.25%.
- New Jersey & Maryland: Recently implemented or considered increases in corporate taxes and top income tax brackets.
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We expect some to pass and others to be defeated. One thing we note they have in common is that most of the proposals come from liberals who campaigned as pro-business moderates. We get it now. On the left, raising taxes is the moderate position.
