Liberals Renew Push for State Wealth Taxes
Bills announced Thursday in California, New York, Illinois, Hawaii, Maryland, Minnesota, Washington and Connecticut will impose a wealth tax on their residents, in varying degrees. California's measure, for example, would impose an annual tax of 1.5% on assets of more than $1 billion and 1% on assets of $50 million or more. The new tax on wealth, not annual income, would affect an estimated 23,000 “ultra-millionaire” and 160 billionaire households, or the top 0.1% of California households. In Connecticut, lawmakers proposed a higher tax rate on capital gains earnings for wealthy taxpayers and higher personal income tax rates for millionaires.
Read the full article on Associated Press