[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”4px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_cta title=”What is your Top Concern: Income Tax, Estate Tax, or Wealth Tax?” button_url=”https:\/\/familyenterpriseusa.com\/2026-annual-family-business-survey\/?utm_campaign=2026AFOBS&utm_medium=CTA&utm_source=FEUSActa&utm_content=FEUSActa&utm_id=2026AFOBS” button_text=”Real influence starts with real input. Take a few minutes to weigh in.” disabled_on=”off|off|off” admin_label=”Call To Action Top” _builder_version=”4.27.6″ _module_preset=”default” header_font_size=”22px” background_color=”#397389″ custom_button=”on” button_bg_color=”#ff0019″ custom_margin=”-17px|||||” custom_padding=”16px||19px|||” global_module=”9695″ saved_tabs=”all” global_colors_info=”{}”][\/et_pb_cta][et_pb_video src=”https:\/\/www.youtube.com\/watch?v=UihQ5OYDCyE” disabled_on=”off|off|off” _builder_version=”4.27.6″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_video][et_pb_text admin_label=”1″ _builder_version=”4.27.6″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n
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BOOKER ANNOUNCES Keep Your Pay Act \u2013 Office of Sen. Cory Booker (D-NJ)<\/a><\/p>\n On March 9, Sen. Cory Booker (D-NJ) introduced the Keep Your Pay Act, which would increase the standard deduction to $75,000 for joint filers (with proportional increases for other filing statuses). The bill also would significantly expand and fully refund the Child Tax Credit with a new baby bonus and broaden and triple the Earned Income Tax Credit for workers without children at home. The proposal would be paid for by increasing corporate tax rates, limiting stock buybacks and executive compensation, and other revenue-raising provisions.<\/p>\n Study: Billionaire tax would cost California $25 billion in revenue – reason<\/a> Wealth tax leads in California poll \u2014 but faces major headwinds – POLITICO<\/a> Washington state lawmakers pass \u2018millionaire\u2019s tax\u2019 – POLITICO<\/a> Millionaire Tax Advances in Washington State as Legal Duel Looms – Bloomberg<\/a> Governor Ferguson statement on revised Millionaires\u2019 Tax proposal – Governor Bob Ferguson<\/a> Legislature wants higher tax on wealthy, big business \u2013 NY1<\/a> NJ, other states reviving push to tax the rich – WHYY<\/a> How to win voters and influence revenue: McKee, Foulkes embrace millionaire\u2019s tax in different ways – Rhode Island Current<\/a> Many Americans already pay European tax rates – The Washington Post Opinion<\/a> The Myth of the Billionaire Wealth Tax – The Washington Post Opinion<\/a> [\/et_pb_text][et_pb_cta title=”Want to learn more?” button_url=”https:\/\/familyenterpriseusa.com\/polling-and-research\/state-wealth-tax-tracker\/” button_text=”Visit our State Wealth Tax Tracker – Click Here ” _builder_version=”4.27.5″ _module_preset=”default” background_color=”#fc2f36″ custom_padding=”13px||18px|||” global_colors_info=”{}”][\/et_pb_cta][et_pb_divider color=”#397389″ divider_weight=”2px” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Become a member text” _builder_version=”4.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5822″ global_colors_info=”{}”]<\/p>\n As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n The need for fact-based reporting of issues important to family owned businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, successful families<\/a> and family owned businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to family owned businesses<\/a> built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate\/” button_text=”Become a Family Enterprise USA Member” button_alignment=”center” disabled_on=”off|off|off” admin_label=”Become FEUSA member button” _builder_version=”4.21.0″ _module_preset=”default” custom_button=”on” global_module=”6503″ global_colors_info=”{}”][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” divider_weight=”2px” disabled_on=”on|on|on” _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_divider][et_pb_video_slider disabled_on=”on|on|on” admin_label=”Video Slider Family Business Stories 2″ _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_module=”6670″ global_colors_info=”{}”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=y9VszpRjVDM” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=03T2VODneEg” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=fHIxWaTwK64″ _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=TI7P07GbNdU&t=27s” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][\/et_pb_video_slider][et_pb_text disabled_on=”off|off|off” admin_label=”FEUSA Statement” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5910″ saved_tabs=”all” global_colors_info=”{}”]<\/p>\n Family Enterprise USA<\/a> promotes generationally<\/a> owned family business<\/a> creation, growth, viability, and sustainability by advocating for family businesses<\/a> and their lifetime of savings with Congress<\/a> in Washington DC.\u00a0 Since 2007, Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0Family foundations can donate.<\/a><\/p>\n [\/et_pb_text][et_pb_text disabled_on=”off|off|off” admin_label=”Hash tags & Tags” _builder_version=”4.27.4″ _module_preset=”default” global_module=”6498″ global_colors_info=”{}”]<\/p>\n #incometax #CapitalGainsTax #R&DExpensing #DontPunishSuccess #GrantorTrusts #StepUpinBasis #likeKindExchanges #AcceleratedDepreciation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #incometaxrates #repealestatetax #AdvocatingForFamilyBusinesses #FamilyOwnedBusiness #WomenOwnedBusiness @FamilyEnterpriseUSA #FamilyEnterpriseUSA #FEUSA<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" This week, we continue to monitor proposals for new taxes on high earners or the wealthy in Washington, California, Rhode Island, New York, and New Jersey. Washington’s 9.9% millionaire income tax advanced in the legislature and is expected to be signed by the governor. At the federal level, Sen. Cory Booker has introduced the Keep […]<\/p>\n","protected":false},"author":2,"featured_media":16739,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,51,92,115],"tags":[],"class_list":["post-16735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-family-business-survey","category-multi-generational-business","category-wealth-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16735"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16735\/revisions"}],"predecessor-version":[{"id":16740,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16735\/revisions\/16740"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/16739"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}California<\/strong><\/h4>\n
A recent study conducted by the Stanford Hoover Institution finds that California\u2019s proposal to implement a one-time 5% billionaire wealth tax would likely incur costs of $25 billion for the state despite previous findings that it would generate over $100 billion in revenue. Researchers say this is due to anticipated billionaire migration and the resulting decrease in taxable income.<\/p>\n
An early UC Berkeley-POLITICO poll reveals that half of voters would be likely to support the billionaire wealth tax proposal in California. However, the survey indicates that voters are easily swayed, and it is important to consider potential billionaire migration. Additionally, the survey report indicates that 70% of voters in support of the income tax proposal are Democrats.<\/p>\nWashington<\/strong><\/h4>\n
This week, Washington state lawmakers passed a 9.9% “millionaire’s tax” on annual incomes over $1 million and is expected to be signed by Gov. Bob Ferguson to fund education, prisons, and tax relief. The measure faced Republican opposition warning of business exodus, alongside anticipated legal challenges over the state constitution’s uniformity clause for property taxes and a potential November ballot repeal effort.<\/p>\n
Washington state’s Democratic-controlled House has passed a 9.9% tax on household incomes over $1 million, set to raise nearly $4 billion annually starting in 2029. The legal dispute centers on overturning a 1933 Supreme Court ruling that said graduated income taxes are unconstitutional under the state constitution’s uniformity clause for property taxes, defining “property” broadly to include income. Opponents like former WA Attorney General Rob McKenna argues it requires a constitutional amendment rather than judicial reinterpretation.<\/p>\n
Governor Ferguson highlighted that changes to the millionaire tax proposal accounted for increased affordability and legislative changes that would benefits families in the Washington state. The revised bill includes expanded tax credits and free school meals as part of the benefits of this income tax proposal. Governor Ferguson confirmed that he will sign the revised version of this bill.<\/p>\nNew York City<\/strong><\/h4>\n
Despite resistance from Governor Kathy Hochul (D-NY), democratic majority state chambers in New York agree, in part, with Mayor Zohran Mamdani (D-NY) to increase taxes on the wealthy and large corporations in New York City. This could include increasing state income taxes on New Yorkers making over $5 million annually.<\/p>\nNew Jersey<\/strong><\/h4>\n
<\/u>Advocates are pushing states like New Jersey, building on successes in Massachusetts, California, Maryland, and Minnesota, to adopt higher taxes on millionaires, and recent trends show a significant increase in democratic states pushing for a tax on high earners.<\/p>\nRhode Island<\/strong><\/h4>\n
Gov. Dan McKee (D-RI) said a 3% surtax on income over $1 million is a key part of his FY2027 budget proposal. Support for a wealth tax signals a strong ideological shift in the Democratic Party of the Rhode Island. However, it is also important to note that independent voters, the largest voting bloc in Rhode Island, remain split on the issue of a wealth tax.<\/p>\nOther<\/strong><\/h4>\n
The editorial argues that top earners in places like New York City and California already face combined federal, state, and local income tax rates comparable to or higher than those in major European countries, challenging claims that wealthy Americans pay too little in taxes. It also notes that higher top marginal rates would mostly affect small business owners rather than billionaires, whose wealth largely comes from investment income taxed differently.<\/p>\n
The author argues that wealth taxes on billionaires are unlikely to work as advertised because paper wealth (like stock holdings) cannot simply be converted into real goods and services like health care and education, and because such taxes have historically failed in other countries due to capital flight, evasion, and low revenue. The author contends that if Americans want European-style public services, they need broad-based taxes\u2014like the value-added taxes used in Scandinavian countries\u2014that reduce private consumption to fund public spending, rather than relying on politically convenient but economically dubious proposals to tax only billionaires.<\/p>\nWe hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n
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