US EditionPublished • loading... • Updated
Progressive states revive push to tax the rich as wealth disparity deepens across the US
Blue states propose surtaxes and asset taxes on millionaires to fund education, childcare, and tax credits, with Massachusetts raising $6 billion since 2022, officials say.
- Washington's House passed a proposal this week to tax personal earnings over $1 million, with Democratic Gov. Bob Ferguson signaling support if the Legislature sends it before adjourning Thursday.
- House Majority Leader Joe Fitzgibbon noted Washington has maintained a regressive tax structure for 93 years, falling heavily on working and middle-class residents. The proposal aims to correct this imbalance in a state without income taxes on wages.
- Massachusetts has collected $6 billion since 2022 through its Fair Share Amendment taxing income over $1 million, while Michigan organizers gather signatures for a 5% tax on high earners to fund K-12 schools.
- Washington businessman Colin Hathaway expressed concern the proposal would classify his roofing company's reinvested earnings as personal income, as opponents warn such levies could drive away businesses and fail to solve revenue shortfalls.
- Across the U.S., a divide is widening as Republican-led states work to abolish income taxes while blue states increase levies on the wealthy, a gap Tax Foundation fellow Jared Walczak said is historically large.
Insights by Ground AI
54 Articles
54 Articles
How some states are reviving a push to tax the rich
Advocates across the U.S. are hoping a growing unhappiness of wage and wealth inequalities that have increased coming out of the COVID-19 pandemic will help more states adopt policies involve the rich paying more in taxes.
·Washington, United States
Read Full Article
Associated Press News+50 Reposted by 50 other sources
Progressive states revive push to tax the rich as wealth disparity deepens across the US
Advocates across the U.S. are hoping a growing unhappiness of wage and wealth inequalities that have increased coming out of the COVID-19 pandemic will help more states adopt policies involve the rich paying more in taxes.
·United States
Read Full ArticleCoverage Details
Total News Sources54
Leaning Left6Leaning Right7Center33Last UpdatedBias Distribution72% Center
Bias Distribution
- 72% of the sources are Center
72% Center
13%
C 72%
15%
Factuality
To view factuality data please Upgrade to Premium
