<\/p>\n
Please find summaries of relevant articles with web links below.\u00a0<\/strong><\/em><\/h3>\nFederal<\/strong><\/h4>\nLeft pushes wealth tax as early litmus test for 2028 Dems \u2013 Axios<\/a><\/u><\/p>\nLeft-wing activists are pushing prospective 2028 Democratic presidential candidates to endorse a wealth tax, with figures like Sen. Chris Van Hollen (D-MD) and Reps. Alexandria Ocasio-Cortez (D-NY) and Ro Khanna (D-CA) already voicing support. The issue is focused on Governor Gavin Newsom (D-CA), who has rejected a state wealth tax out of fear it would drive away wealthy residents, even as activists argue that taxing extreme wealth should be a test for the party. Tax the Greedy Billionaires, a campaign for the proposal, released polling [link<\/a><\/u>] suggesting that most Democratic voters would view Newsom less favorably if they thought he opposed higher taxes on the rich.<\/p>\nDemocrats thinking OT on taxes \u2013 POLITICO<\/a><\/u><\/p>\nDemocrats are increasingly backing the idea of taxing the wealthy and big corporations, but they are now wrestling internally over how aggressively to do so and what to do with the revenue, especially as the party prepares for a possible return to power in Washington. Some figures, like Sens. Cory Booker (D-NJ) and Van Hollen, want to pair higher taxes on the wealthy with broad middle\u2011class tax cuts, while progressive groups such as Tax the Greedy Billionaires and Families Over Billionaires, push either to double down on taxing billionaires or to spend the revenue on strengthening the safety net instead of cutting taxes. A recent\u00a0poll<\/a><\/u>\u00a0shows that about 3\/4ths of voters, including a majority of Republicans, want higher taxes on billionaires.<\/p>\nAdditionally, Families Over Billionaires released a\u00a0memo<\/a><\/u>\u00a0regarding proposals to reduce income taxes for middle-income household and noted that Democrats should stop focusing on broad middle\u2011class tax cuts and instead use higher taxes on the wealthy and corporations to raise revenue for targeted programs that directly address the real drivers of the affordability crisis. The organization argued that tax cuts are politically unreliable and fiscally harmful when the country faces a major revenue shortfall.<\/p>\nTrump suggests states raise taxes to pay for child care, says federal government can\u2019t afford it \u2013 The Hill<\/a><\/u><\/p>\nPresident Trump said states, not the federal government, should shoulder the cost of child care\u00a0by raising their own taxes, arguing that Washington cannot afford to fund day care nationwide while also maintaining military priorities. Speaking at a White House Easter lunch, he suggested states could increase taxes to pay for child care\u00a0while the federal government lowers its own. New Mexico remains the only state with universal child care, financed by oil and gas revenue, while others like New York and Washington are exploring taxes on wealthy residents to fund similar programs.<\/p>\n
California<\/strong><\/h4>\nWealth taxes on billionaires and $30 min. wages: ‘They should pay their fair share,’ advocate says \u2013 Fortune<\/a><\/u><\/p>\nA new UC Berkeley\u2013Los Angeles Times poll shows that 52% of California voters support a proposed one-time 5% wealth tax on the state\u2019s roughly 200 billionaires, while 33% oppose it, with support falling sharply along partisan lines (72% of Democrats and a slim majority of independents in favor, but strong Republican opposition). The measure, part of a broader push by SEIU-United Healthcare Workers West, would raise about $100 billion for health care, education, and food assistance. Advocates link the billionaire tax to a nationwide movement for a $30 minimum wage, arguing both address inequality from opposite ends: ensuring billionaires \u201cpay their fair share\u201d while lifting wages to reflect real living costs.<\/p>\n
Washington<\/strong><\/h4>\nWashington State Adopts New Tax on Incomes Over $1 Million \u2013 WSJ<\/a><\/u><\/p>\nGov. Bob Ferguson (D-WA) signed a bill adopting a 9.9% tax on income over $1 million to take effect in 2028, marking its first-ever state income tax and targeting solely top earners. The new tax is designed to fund childcare programs, free school meals, expanded tax credits for working families, and tax breaks for small businesses, while also eliminating sales tax on diapers, over-the-counter drugs, and hygiene products. Supporters argue it will rebalance a tax system that disproportionately burdens low\u2011income residents, while Republicans warn it could drive wealthy residents and businesses to lower\u2011tax states.<\/p>\n
California\u2019s Golden Goose Is Already Flying the Coop \u2013 WSJ<\/a><\/u><\/p>\nIn any opinion piece, Hank Adler, a professor at Chapman University, warns that California\u2019s proposed wealth tax is already damaging the state\u2019s finances before even reaching the ballot. The prospective measure has prompted several billionaires, including Sergey Brin, Larry Page, and Mark Zuckerberg, to leave California, erasing billions in expected tax revenue. Since the top 1% of taxpayers generate about 40% of the state\u2019s income-tax revenue, their departures deepen projected deficits of $22\u2013$35 billion annually. Adler argues the proposal is fiscally reckless and could invite costly legal challenges if enacted, potentially leaving California with less revenue and greater financial instability.<\/p>\n
New York City<\/strong><\/h4>\nBernie Sanders, in the Bronx, Presses Kathy Hochul to Tax the Rich \u2013 The New York Times<\/a><\/u><\/p>\nAt a rally in the Bronx, Senator Bernie Sanders urged New York Governor Kathy Hochul to raise taxes on the state\u2019s wealthiest residents, backing Mayor Zohran Mamdani\u2019s push for a higher millionaire tax despite the mayor\u2019s absence from the event. Sanders argued that the rich should pay their fair share to fund basic needs like food, housing, and health care, while Mamdani\u2019s plan would raise the city income tax on those earning $1 million or more by two percentage points, affecting roughly 34,000 households. Hochul and business groups have resisted such hikes, warning they could drive wealth out of the state, even as progressive supporters insist voters overwhelmingly want higher taxes on the very rich.<\/p>\n
Wall Street Enlists Marine Veteran Steven Fulop to Take On\u00a0NYC Mayor Zohran Mamdani\u2019s Push to Raise Taxes \u2013 WSJ<\/a><\/u><\/p>\nThe Partnership for NYC has named former Jersey City Mayor Steven Fulop as President and CEO to oppose Mayor Zohran Mamdani\u2019s proposed tax hikes on wealthy individuals earning over $1 million and corporations. Fulop has met with NYC Mayor Mamdani and legislators, penned op-eds, and plans anti-tax ads, warning that hikes could drive business elites away to lower-tax states like New Jersey. While polls show voter support for taxing high earners, Gov. Kathy Hochul opposes increases, and state budget proposals include milder hikes. Fulop describes the trajectory “dangerous” for New York\u2019s economic competitiveness.<\/p>\n
NY’s wealth tax battle is turning into a state vs. city showdown: Partnership for NYC’s Steven Fulop \u2013 CNBC<\/a><\/u><\/p>\nIn an interview with CNBC, Fulop said he penned a letter to Gov. Hochul, with 40 large organizations, saying that the current economic environment and fragile and the NY legislature should be careful with the budget. When asked about the core of the problem of the city\u2019s budget shortfall ($5 billion), Fulop noted the city\u2019s entitlement programs are causing the issues, specifically noting the rental assistance program is growing at 4% per month. They also discussed NY\u2019s progressive tax system and the \u201ctax the rich\u201d rally from the past weekend.<\/p>\n
Maine<\/strong><\/h4>\nJanet Mills Backs Maine Millionaire Tax in Reversal Ahead of Senate Primary \u2013 Bloomberg<\/a><\/u><\/p>\nGov. Janet Mills (D-ME) has reversed her stance and now supports a proposed \u201cmillionaire tax\u201d that would raise the state\u2019s top income tax rate to 9.15% on earnings over $1 million for individuals and $1.5 million for joint filers. Once a critic, Gov. Mills now argues the tax is needed to preserve funding for health care, education, and property-tax relief due to federal cuts. It is a notable shift as she approaches a tough Democratic Senate primary challenge from Graham Platner, who has campaigned on taxing the wealthy.<\/p>\n
Tax on millionaires, rainy day fund anchor new budget plan \u2013 Maine Morning Star<\/a><\/u><\/p>\nThe Maine Legislature\u2019s Appropriations and Financial Affairs Committee advanced a supplemental spending plan that includes a new 2% surtax on income over $1 million. Gov. Mills said the millionaire tax is needed to sustain investments in health care, education, and local relief amid federal cuts tied to the funding cuts from the One Big Beautiful Bill Act (OBBBA). Republicans criticized the plan as fiscally reckless and partisan, warning it could drive wealthy residents out of the state and leave Maine vulnerable in a downturn. The measure, which passed along party lines, now heads to the full Legislature for debate.<\/p>\n
Colorado<\/strong><\/h4>\nSupporters of Colorado measure to raise taxes on higher earners begin collecting signatures for 2026 ballot\u00a0\u2013 Aspen Times<\/a><\/u><\/p>\nSupporters of a proposed 2026 Colorado ballot measure have begun collecting signatures for an initiative that would replace the state\u2019s 4.4% flat income tax with a graduated system that lowers taxes for most residents while raising rates on those earning over $500,000. The plan, backed by a coalition of 19 advocacy groups and led by former state representative Chris deGruy\u00a0Kennedy, aims to generate about $2 billion annually for education, health care, and child care\u00a0while allowing the state to retain the new revenue above the Taxpayer\u2019s Bill of Rights (TABOR) limit. Conservative and libertarian groups oppose the proposal, arguing that Colorado\u2019s low flat tax attracts businesses and high earners. Supporters say that a tiered tax is necessary to address the state\u2019s $850 million budget shortfall and preserve critical public services strained by federal cuts.<\/p>\n
Vermont<\/strong><\/h4>\nLawmakers propose new tax targeting wealthiest Vermonters \u2013 Vermont WCAX<\/a><\/u><\/p>\nLast week, Vermont Democrats made a push Thursday to add two new income tax brackets on earners above $500,000 and $1 million, aiming to offset federal cuts and address over $250 million in new funding requests for the state’s $9.3 billion budget. The proposal was attached to a miscellaneous tax bill but paused by House leaders for further Ways and Means Committee review. House Speaker Jill Krowinski stressed careful, strategic spending to support all Vermonters, while Gov. Phil Scott is expected to veto any such wealth tax over fears of wealthy outmigration.<\/p>\n
Other<\/strong><\/h4>\nJamie Dimon Puzzled By ‘Fair Share’ In Bernie’s Billionaire Tax Plan; Sanders Says ‘Let Me Clear Things Up For\u00a0You\u00a0<\/a><\/u>\u2013<\/a><\/u><\/strong>\u00a0Benzinga<\/a><\/u><\/p>\nIn an interview with Fox and Friends, JPMorgan CEO Jamie Dimon pushed back on Sen. Bernie Sanders\u2019 (I-VT) billionaire tax message, saying he does not understand what \u201cfair share\u201d means and arguing that simply raising taxes does not fix the deeper policy problems facing Americans. He said the focus should be on pro-growth reforms, better use of government funds, and bigger income tax credits for lower earners rather than wealth taxes on billionaires. Sanders pushed back on X, defending his wealth tax proposal.<\/p>\n
The High-Tax Wealth Flight Continues \u2013 WSJ<\/a><\/u><\/p>\nThe Wall Street Journal Editorial Board argued that new IRS data show wealthy taxpayers continue to leave high-tax states for lower-tax ones, undermining Democratic proposals to raise income taxes. Between 2022 and 2023, states like California, New York, and Illinois lost tens of billions in adjusted gross income, while states with no income tax, such as Florida, Texas, and Tennessee, gained large inflows. The Board linked these trends to progressive tax structures that burden high earners and businesses, warning that states heavily dependent on top-income taxpayers\u00a0risk fiscal instability during market downturns. Citing examples like Massachusetts and Washington state, which recently enacted new surtaxes on wealthy residents, the Board concluded that higher taxes drive both people and capital toward states with friendlier tax climates and stronger job growth.<\/p>\n
Labour\u2019s\u00a0tax chaos driving wealthy abroad \u2013 The Telegraph<\/a><\/u><\/p>\nA new survey from BDO, a tax advisory firm, suggests Britain\u2019s ultra-wealthy are increasingly considering leaving the UK. The poll found that tax policy and government reversals were a bigger driver than high tax rates themselves, as concerns over inheritance tax and possible capital gains tax changes are causing discontent with the Labour\u00a0Party\u2019s approach. The survey said this is caused by the ongoing millionaire departures that has already included major figures in finance, shipping, and property moving to places like Dubai, Monaco, and Milan. Critics argue the policy shifts are pushing capital and business activity out of the UK without a clear replacement strategy.<\/p>\n
America’s Money Migration: Democratic States Keep Losing Taxpayer Income \u2013 Opinion: Potomac Watch – WSJ Podcasts<\/a><\/u><\/p>\nIn a WSJ Opinion podcast called Potomac Watch, hosts Kyle Peterson, Allysia Finley, and Collin Levy analyze IRS data from 2022-2023 showing continued outmigration of adjusted gross income from high-tax blue states like New York, California, Illinois, and Massachusetts to low-tax states like Florida, Texas, Nevada, and no-income-tax states such as New Hampshire, Wyoming, and South Dakota. They highlight how top 1% earners in New York fund 46% of state income taxes, with similar concentration in California, making budgets volatile amid stock market fluctuations and past deficits. Yet blue states persist with surtaxes like Washington\u2019s new 9.9% millionaire tax and California\u2019s proposed wealth tax, which has already caused billionaires to flee despite Gov. Newsom\u2019s opposition. Their discussion also focuses on a growing divide, with red states phasing out income taxes while blue states risk scaring off wealthy individuals.<\/p>\n
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Momentum is building behind \u201ctax the rich\u201d policies ahead of 2028, with national Democrats debating wealth and billionaire taxes and blue states advancing high\u2011earner measures: Washington enacted a 9.9% tax on income over $1 million starting in 2028, while California, New York, Maine, Colorado, and Vermont pursue new levies ranging from one\u2011time wealth taxes to […]<\/p>\n","protected":false},"author":2,"featured_media":16869,"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-16867","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\/16867","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=16867"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16867\/revisions"}],"predecessor-version":[{"id":16872,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16867\/revisions\/16872"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/16869"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Left pushes wealth tax as early litmus test for 2028 Dems \u2013 Axios<\/a><\/u><\/p>\n Left-wing activists are pushing prospective 2028 Democratic presidential candidates to endorse a wealth tax, with figures like Sen. Chris Van Hollen (D-MD) and Reps. Alexandria Ocasio-Cortez (D-NY) and Ro Khanna (D-CA) already voicing support. The issue is focused on Governor Gavin Newsom (D-CA), who has rejected a state wealth tax out of fear it would drive away wealthy residents, even as activists argue that taxing extreme wealth should be a test for the party. Tax the Greedy Billionaires, a campaign for the proposal, released polling [link<\/a><\/u>] suggesting that most Democratic voters would view Newsom less favorably if they thought he opposed higher taxes on the rich.<\/p>\n Democrats thinking OT on taxes \u2013 POLITICO<\/a><\/u><\/p>\n Democrats are increasingly backing the idea of taxing the wealthy and big corporations, but they are now wrestling internally over how aggressively to do so and what to do with the revenue, especially as the party prepares for a possible return to power in Washington. Some figures, like Sens. Cory Booker (D-NJ) and Van Hollen, want to pair higher taxes on the wealthy with broad middle\u2011class tax cuts, while progressive groups such as Tax the Greedy Billionaires and Families Over Billionaires, push either to double down on taxing billionaires or to spend the revenue on strengthening the safety net instead of cutting taxes. A recent\u00a0poll<\/a><\/u>\u00a0shows that about 3\/4ths of voters, including a majority of Republicans, want higher taxes on billionaires.<\/p>\n Additionally, Families Over Billionaires released a\u00a0memo<\/a><\/u>\u00a0regarding proposals to reduce income taxes for middle-income household and noted that Democrats should stop focusing on broad middle\u2011class tax cuts and instead use higher taxes on the wealthy and corporations to raise revenue for targeted programs that directly address the real drivers of the affordability crisis. The organization argued that tax cuts are politically unreliable and fiscally harmful when the country faces a major revenue shortfall.<\/p>\n Trump suggests states raise taxes to pay for child care, says federal government can\u2019t afford it \u2013 The Hill<\/a><\/u><\/p>\n President Trump said states, not the federal government, should shoulder the cost of child care\u00a0by raising their own taxes, arguing that Washington cannot afford to fund day care nationwide while also maintaining military priorities. Speaking at a White House Easter lunch, he suggested states could increase taxes to pay for child care\u00a0while the federal government lowers its own. New Mexico remains the only state with universal child care, financed by oil and gas revenue, while others like New York and Washington are exploring taxes on wealthy residents to fund similar programs.<\/p>\n Wealth taxes on billionaires and $30 min. wages: ‘They should pay their fair share,’ advocate says \u2013 Fortune<\/a><\/u><\/p>\n A new UC Berkeley\u2013Los Angeles Times poll shows that 52% of California voters support a proposed one-time 5% wealth tax on the state\u2019s roughly 200 billionaires, while 33% oppose it, with support falling sharply along partisan lines (72% of Democrats and a slim majority of independents in favor, but strong Republican opposition). The measure, part of a broader push by SEIU-United Healthcare Workers West, would raise about $100 billion for health care, education, and food assistance. Advocates link the billionaire tax to a nationwide movement for a $30 minimum wage, arguing both address inequality from opposite ends: ensuring billionaires \u201cpay their fair share\u201d while lifting wages to reflect real living costs.<\/p>\n Washington State Adopts New Tax on Incomes Over $1 Million \u2013 WSJ<\/a><\/u><\/p>\n Gov. Bob Ferguson (D-WA) signed a bill adopting a 9.9% tax on income over $1 million to take effect in 2028, marking its first-ever state income tax and targeting solely top earners. The new tax is designed to fund childcare programs, free school meals, expanded tax credits for working families, and tax breaks for small businesses, while also eliminating sales tax on diapers, over-the-counter drugs, and hygiene products. Supporters argue it will rebalance a tax system that disproportionately burdens low\u2011income residents, while Republicans warn it could drive wealthy residents and businesses to lower\u2011tax states.<\/p>\n California\u2019s Golden Goose Is Already Flying the Coop \u2013 WSJ<\/a><\/u><\/p>\n In any opinion piece, Hank Adler, a professor at Chapman University, warns that California\u2019s proposed wealth tax is already damaging the state\u2019s finances before even reaching the ballot. The prospective measure has prompted several billionaires, including Sergey Brin, Larry Page, and Mark Zuckerberg, to leave California, erasing billions in expected tax revenue. Since the top 1% of taxpayers generate about 40% of the state\u2019s income-tax revenue, their departures deepen projected deficits of $22\u2013$35 billion annually. Adler argues the proposal is fiscally reckless and could invite costly legal challenges if enacted, potentially leaving California with less revenue and greater financial instability.<\/p>\n Bernie Sanders, in the Bronx, Presses Kathy Hochul to Tax the Rich \u2013 The New York Times<\/a><\/u><\/p>\n At a rally in the Bronx, Senator Bernie Sanders urged New York Governor Kathy Hochul to raise taxes on the state\u2019s wealthiest residents, backing Mayor Zohran Mamdani\u2019s push for a higher millionaire tax despite the mayor\u2019s absence from the event. Sanders argued that the rich should pay their fair share to fund basic needs like food, housing, and health care, while Mamdani\u2019s plan would raise the city income tax on those earning $1 million or more by two percentage points, affecting roughly 34,000 households. Hochul and business groups have resisted such hikes, warning they could drive wealth out of the state, even as progressive supporters insist voters overwhelmingly want higher taxes on the very rich.<\/p>\n Wall Street Enlists Marine Veteran Steven Fulop to Take On\u00a0NYC Mayor Zohran Mamdani\u2019s Push to Raise Taxes \u2013 WSJ<\/a><\/u><\/p>\n The Partnership for NYC has named former Jersey City Mayor Steven Fulop as President and CEO to oppose Mayor Zohran Mamdani\u2019s proposed tax hikes on wealthy individuals earning over $1 million and corporations. Fulop has met with NYC Mayor Mamdani and legislators, penned op-eds, and plans anti-tax ads, warning that hikes could drive business elites away to lower-tax states like New Jersey. While polls show voter support for taxing high earners, Gov. Kathy Hochul opposes increases, and state budget proposals include milder hikes. Fulop describes the trajectory “dangerous” for New York\u2019s economic competitiveness.<\/p>\n NY’s wealth tax battle is turning into a state vs. city showdown: Partnership for NYC’s Steven Fulop \u2013 CNBC<\/a><\/u><\/p>\n In an interview with CNBC, Fulop said he penned a letter to Gov. Hochul, with 40 large organizations, saying that the current economic environment and fragile and the NY legislature should be careful with the budget. When asked about the core of the problem of the city\u2019s budget shortfall ($5 billion), Fulop noted the city\u2019s entitlement programs are causing the issues, specifically noting the rental assistance program is growing at 4% per month. They also discussed NY\u2019s progressive tax system and the \u201ctax the rich\u201d rally from the past weekend.<\/p>\n Janet Mills Backs Maine Millionaire Tax in Reversal Ahead of Senate Primary \u2013 Bloomberg<\/a><\/u><\/p>\n Gov. Janet Mills (D-ME) has reversed her stance and now supports a proposed \u201cmillionaire tax\u201d that would raise the state\u2019s top income tax rate to 9.15% on earnings over $1 million for individuals and $1.5 million for joint filers. Once a critic, Gov. Mills now argues the tax is needed to preserve funding for health care, education, and property-tax relief due to federal cuts. It is a notable shift as she approaches a tough Democratic Senate primary challenge from Graham Platner, who has campaigned on taxing the wealthy.<\/p>\n Tax on millionaires, rainy day fund anchor new budget plan \u2013 Maine Morning Star<\/a><\/u><\/p>\n The Maine Legislature\u2019s Appropriations and Financial Affairs Committee advanced a supplemental spending plan that includes a new 2% surtax on income over $1 million. Gov. Mills said the millionaire tax is needed to sustain investments in health care, education, and local relief amid federal cuts tied to the funding cuts from the One Big Beautiful Bill Act (OBBBA). Republicans criticized the plan as fiscally reckless and partisan, warning it could drive wealthy residents out of the state and leave Maine vulnerable in a downturn. The measure, which passed along party lines, now heads to the full Legislature for debate.<\/p>\n Supporters of Colorado measure to raise taxes on higher earners begin collecting signatures for 2026 ballot\u00a0\u2013 Aspen Times<\/a><\/u><\/p>\n Supporters of a proposed 2026 Colorado ballot measure have begun collecting signatures for an initiative that would replace the state\u2019s 4.4% flat income tax with a graduated system that lowers taxes for most residents while raising rates on those earning over $500,000. The plan, backed by a coalition of 19 advocacy groups and led by former state representative Chris deGruy\u00a0Kennedy, aims to generate about $2 billion annually for education, health care, and child care\u00a0while allowing the state to retain the new revenue above the Taxpayer\u2019s Bill of Rights (TABOR) limit. Conservative and libertarian groups oppose the proposal, arguing that Colorado\u2019s low flat tax attracts businesses and high earners. Supporters say that a tiered tax is necessary to address the state\u2019s $850 million budget shortfall and preserve critical public services strained by federal cuts.<\/p>\n Lawmakers propose new tax targeting wealthiest Vermonters \u2013 Vermont WCAX<\/a><\/u><\/p>\n Last week, Vermont Democrats made a push Thursday to add two new income tax brackets on earners above $500,000 and $1 million, aiming to offset federal cuts and address over $250 million in new funding requests for the state’s $9.3 billion budget. The proposal was attached to a miscellaneous tax bill but paused by House leaders for further Ways and Means Committee review. House Speaker Jill Krowinski stressed careful, strategic spending to support all Vermonters, while Gov. Phil Scott is expected to veto any such wealth tax over fears of wealthy outmigration.<\/p>\n Jamie Dimon Puzzled By ‘Fair Share’ In Bernie’s Billionaire Tax Plan; Sanders Says ‘Let Me Clear Things Up For\u00a0You\u00a0<\/a><\/u>\u2013<\/a><\/u><\/strong>\u00a0Benzinga<\/a><\/u><\/p>\n In an interview with Fox and Friends, JPMorgan CEO Jamie Dimon pushed back on Sen. Bernie Sanders\u2019 (I-VT) billionaire tax message, saying he does not understand what \u201cfair share\u201d means and arguing that simply raising taxes does not fix the deeper policy problems facing Americans. He said the focus should be on pro-growth reforms, better use of government funds, and bigger income tax credits for lower earners rather than wealth taxes on billionaires. Sanders pushed back on X, defending his wealth tax proposal.<\/p>\n The High-Tax Wealth Flight Continues \u2013 WSJ<\/a><\/u><\/p>\n The Wall Street Journal Editorial Board argued that new IRS data show wealthy taxpayers continue to leave high-tax states for lower-tax ones, undermining Democratic proposals to raise income taxes. Between 2022 and 2023, states like California, New York, and Illinois lost tens of billions in adjusted gross income, while states with no income tax, such as Florida, Texas, and Tennessee, gained large inflows. The Board linked these trends to progressive tax structures that burden high earners and businesses, warning that states heavily dependent on top-income taxpayers\u00a0risk fiscal instability during market downturns. Citing examples like Massachusetts and Washington state, which recently enacted new surtaxes on wealthy residents, the Board concluded that higher taxes drive both people and capital toward states with friendlier tax climates and stronger job growth.<\/p>\n Labour\u2019s\u00a0tax chaos driving wealthy abroad \u2013 The Telegraph<\/a><\/u><\/p>\n A new survey from BDO, a tax advisory firm, suggests Britain\u2019s ultra-wealthy are increasingly considering leaving the UK. The poll found that tax policy and government reversals were a bigger driver than high tax rates themselves, as concerns over inheritance tax and possible capital gains tax changes are causing discontent with the Labour\u00a0Party\u2019s approach. The survey said this is caused by the ongoing millionaire departures that has already included major figures in finance, shipping, and property moving to places like Dubai, Monaco, and Milan. Critics argue the policy shifts are pushing capital and business activity out of the UK without a clear replacement strategy.<\/p>\n America’s Money Migration: Democratic States Keep Losing Taxpayer Income \u2013 Opinion: Potomac Watch – WSJ Podcasts<\/a><\/u><\/p>\n In a WSJ Opinion podcast called Potomac Watch, hosts Kyle Peterson, Allysia Finley, and Collin Levy analyze IRS data from 2022-2023 showing continued outmigration of adjusted gross income from high-tax blue states like New York, California, Illinois, and Massachusetts to low-tax states like Florida, Texas, Nevada, and no-income-tax states such as New Hampshire, Wyoming, and South Dakota. They highlight how top 1% earners in New York fund 46% of state income taxes, with similar concentration in California, making budgets volatile amid stock market fluctuations and past deficits. Yet blue states persist with surtaxes like Washington\u2019s new 9.9% millionaire tax and California\u2019s proposed wealth tax, which has already caused billionaires to flee despite Gov. Newsom\u2019s opposition. Their discussion also focuses on a growing divide, with red states phasing out income taxes while blue states risk scaring off wealthy individuals.<\/p>\n [\/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=”Brownstein Hyatt Farber Schreck Logo & About” _builder_version=”4.22.1″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/www.bhfs.com\/” link_option_url_new_window=”on” border_color_all=”#FFFFFF” border_style_all=”none” global_colors_info=”{}” global_module=”6751″ theme_builder_area=”post_content”]<\/p>\n About Brownstein Hyatt Farber Schreck [\/et_pb_text][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":" Momentum is building behind \u201ctax the rich\u201d policies ahead of 2028, with national Democrats debating wealth and billionaire taxes and blue states advancing high\u2011earner measures: Washington enacted a 9.9% tax on income over $1 million starting in 2028, while California, New York, Maine, Colorado, and Vermont pursue new levies ranging from one\u2011time wealth taxes to […]<\/p>\n","protected":false},"author":2,"featured_media":16869,"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-16867","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\/16867","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=16867"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16867\/revisions"}],"predecessor-version":[{"id":16872,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16867\/revisions\/16872"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/16869"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}California<\/strong><\/h4>\n
Washington<\/strong><\/h4>\n
New York City<\/strong><\/h4>\n
Maine<\/strong><\/h4>\n
Colorado<\/strong><\/h4>\n
Vermont<\/strong><\/h4>\n
Other<\/strong><\/h4>\n
<\/p>\n
<\/strong>Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you\u2019ll immediately recognize a different type of energy. Complacency doesn\u2019t have a place here. Flexibility and inspiration do.\u00a0Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients\u2019 needs and provide them with the resources they require to meet their business objectives.<\/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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