Wealth Taxes in Blue States: A New Revenue Source
Hartford News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Democratic-led states, including California and Connecticut, are proposing new taxes on the wealthy to address income disparities and boost revenue. Californias Billionaire Tax Act aims to tax net worth over one billion dollars, while Connecticut considers a capital gains surcharge and higher income tax rates. These proposals come as concerns grow about relying too heavily on high earners, who are reportedly considering leaving the state. Despite current surpluses, Connecticut officials aim to grow the taxpayer pool rather than increase rates to maintain competitiveness.
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