Wealth, millionaire tax push spreads to more states — but the trend presents a 'challenge,' expert says

As more Democratic states push for higher taxes on the wealthy, some policy experts have criticized these policies.
States including Massachusetts, Maine and Washington have approved higher taxes on those earning $1 million or more annually, while places like California, Rhode Island, Virginia and others have floated varying proposals.
New York City Mayor Zohran Mamdani and New York Governor Kathy Hochul last week proposed a “pied-à-terre tax,” which would levy a yearly surcharge on empty second homes in New York City worth more than $5 million.
Recent data suggests support for tax increases on the ultrarich among certain Americans.

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Wealth, millionaire tax push spreads to more states — but the trend presents a ‘challenge,’ expert says