Tax the rich? Liberals renew push for state wealth taxes

Bills announced Thursday in California, New York, Illinois, Hawaii, Maryland, Minnesota,and Connecticut vary in their approaches to hiking taxes, but all revolve around the idea that the richest Americans need to pay more.

The Tax Foundation, a conservative-leaning policy organization, called wealth taxes — which levy taxes not just on new income, but on a person’s total assets — "economically destructive."It also said in a statement that such taxes create "perverse incentives" for the rich to avoid taxes, including simply moving to states with a lower tax burden.

It 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, Lee said. One obstacle to such proposals is that some states where the idea might be popular are currently running budget surpluses, meaning there is little pressure to raise revenue.

The lowest-paid workers in many states often see a far bigger percentage of their income go to pay taxes every year than the very rich, particularly in states that don’t have a graduated income tax.approved an amendment to the state constitutionDespite optimism expressed by liberal lawmakers that 2023 could be the year, many of these proposals face an uphill battle, even in blue states with Democratic governors.

That's why we need a flat tax.

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Democrats seize on GOP proposal to replace IRS, income taxes with national sales taxPresident Biden and Democrats have found a new political punching bag in Republicans’ legislation to eliminate income taxes and the IRS in favor of a national sales tax. How about a consumption tax Most of the critics are attacking the actual bill HR-25. Might help to read it: FAIRtax is simple-visible-efficient taxreform. The reason lower class Americans are gonna need to make twice as much to become middle class Americans is because Joe and The Dems passed a 2 trillion dollar vote buying bill that caused record high inflation. Everything costs twice as much now, so we gotta make more or eat less.
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