<\/p>\n
Meanwhile, Hawaii joined the race to the top of state income tax rates, and a new Bloomberg Economics analysis warns that UK wealth tax proposals risk undermining growth for little additional revenue\u2014underscoring the global tension between taxing the wealthy and retaining the tax base.<\/strong><\/em><\/h3>\n <\/p>\n
Please find summaries of relevant articles with web links below.<\/strong> Please reach out to any member of your Brownstein National Tax Policy Group team with questions or to set up a meeting.<\/a><\/p>\nCalifornia<\/strong><\/h4>\nCalifornia Teachers Association votes to oppose billionaire tax – POLITICO<\/a>
The California Teachers Association has voted to oppose the proposed California wealth tax. The union says that, after internal debate, it concluded the measure would not provide sustainable, long-term funding for schools and communities, and joins other liberal and health-sector groups that have recently announced opposition.<\/p>\nMaster strategists weigh in on California wealth tax – Sacramento Bee<\/a>
The California wealth tax has garnered opposition from an unusual coalition of business groups, medical interests, and some Democrats. Strategists argue that despite support from labor groups like SEIU-UHW\u2014who frame the tax as a way to fund struggling hospitals\u2014the measure faces significant headwinds, including well-funded opposition campaigns, competing ballot initiatives, and voter fatigue.<\/p>\nBillionaire tax sparks war as California union opposes \u2013 New York Post<\/a>
An increasing split within California\u2019s labor movement over the wealth tax is growing. The State Building and Construction Trades Council, led by Chris Hannan, has come out against the measure, warning that a retroactive billionaire tax would drive wealthy investors and their capital out of the state, jeopardizing large construction projects and associated union jobs.<\/p>\nRhode Island<\/strong><\/h4>\nFY27 budget heads to Gov. McKee\u2019s desk after Senate approval – Rhode Island Current<\/a>
Rhode Island\u2019s FY2027 budget, which included a phased millionaire tax, passed the state legislature and was sent to Gov. Dan McKee (D). State lawmakers approved a 1% surtax on income over $1 million in FY27, with additional 1% increases in each of the next two years, instead of the single 3% hike McKee initially proposed. Supporters see it as a way to replace shrinking federal funds while balancing revenue needs with concerns about business climate and high\u2011earner flight. Republicans unsuccessfully pushed multiple amendments to remove or scale back the provision before voting against the budget.<\/p>\nWashington<\/strong><\/h4>\nIs Washington\u2019s Millionaire Tax Already Failing? – WSJ<\/a>
Washington State\u2019s new 9.9% millionaire tax, scheduled to start in 2028, is already backfiring by encouraging high earners and entrepreneurs to move to no\u2011income\u2011tax states such as Nevada and Florida, writes James Freeman in an opinion piece. The author cites recent relocations by prominent business figures and notes that, despite heavy tax burdens and recent code changes, the governor\u2019s budget office is warning of significant upcoming shortfalls while admitting that spending growth is outpacing revenue. The piece also highlights legal and political uncertainty around the tax, with officials instructing agencies not to count on the projected revenue because of court challenges and possible ballot measures, and questions whether any millionaires will remain in Washington by the time collections are slated to begin.<\/p>\nHawaii<\/strong><\/h4>\nThe Tax Collector\u2019s Paradise – WSJ<\/a>
The Wall Street Journal Editorial Board argues that Hawaii\u2019s recent increase of its top marginal income tax rate from 11% to 13%\u2014applied to single filers earning over $500,000\u2014reflects a broader trend among Democratic-led states raising taxes on high earners. The Board frames the change as part of a \u201ctax contagion,\u201d noting similar increases in states like Washington and Maine and highlighting that many of the highest-tax states are under Democratic control.<\/p>\nOther<\/strong><\/h4>\nWealth Taxes Risk UK Growth for Little Revenue, Analysis Finds – Bloomberg<\/a>
New Bloomberg analysis suggests that proposals to increase UK wealth taxes would likely raise only modest additional revenue while risking slower economic growth. Britain already taxes capital and property relatively heavily and higher rates would trigger behavioral responses that erode the base. The analysis notes that asset-related taxes are on track to reach about a tenth of total tax receipts by 2030. Instead of relying on wealth-tax hikes to fund significantly higher public spending, the analysis suggests that structural reforms, like replacing stamp duty with a more efficient land or property levy and overhauling council tax, might improve economic efficiency and shift burdens.<\/p>\n[\/et_pb_text][et_pb_cta title=”Want to learn more?” button_url=”https:\/\/familyenterpriseusa.com\/polling-and-research\/wealth-tax\/” button_text=”Visit our State and Federal Wealth Tax Tracker – Click Here ” admin_label=”State and Federal Wealth Tax Tracker CTA” _builder_version=”4.27.6″ _module_preset=”default” background_color=”#fc2f36″ custom_padding=”13px||18px|||” global_module=”17129″ 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_module=”6751″ global_colors_info=”{}”]<\/p>\n
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<\/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>\n[\/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
We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\nAs 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
\nFamily 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
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#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’s wealth tax developments span coast to coast and across the Atlantic: California’s proposed billionaire tax faces mounting opposition from an unlikely coalition of labor unions, business groups, and medical interests as it heads toward the November ballot, while Rhode Island’s legislature sent a phased millionaire tax to the governor’s desk and Washington State\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":17519,"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":[48,92,115],"tags":[],"class_list":["post-17515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business","category-wealth-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17515","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=17515"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17515\/revisions"}],"predecessor-version":[{"id":17520,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17515\/revisions\/17520"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/17519"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
California<\/strong><\/h4>\nCalifornia Teachers Association votes to oppose billionaire tax – POLITICO<\/a>
The California Teachers Association has voted to oppose the proposed California wealth tax. The union says that, after internal debate, it concluded the measure would not provide sustainable, long-term funding for schools and communities, and joins other liberal and health-sector groups that have recently announced opposition.<\/p>\nMaster strategists weigh in on California wealth tax – Sacramento Bee<\/a>
The California wealth tax has garnered opposition from an unusual coalition of business groups, medical interests, and some Democrats. Strategists argue that despite support from labor groups like SEIU-UHW\u2014who frame the tax as a way to fund struggling hospitals\u2014the measure faces significant headwinds, including well-funded opposition campaigns, competing ballot initiatives, and voter fatigue.<\/p>\nBillionaire tax sparks war as California union opposes \u2013 New York Post<\/a>
An increasing split within California\u2019s labor movement over the wealth tax is growing. The State Building and Construction Trades Council, led by Chris Hannan, has come out against the measure, warning that a retroactive billionaire tax would drive wealthy investors and their capital out of the state, jeopardizing large construction projects and associated union jobs.<\/p>\nRhode Island<\/strong><\/h4>\nFY27 budget heads to Gov. McKee\u2019s desk after Senate approval – Rhode Island Current<\/a>
Rhode Island\u2019s FY2027 budget, which included a phased millionaire tax, passed the state legislature and was sent to Gov. Dan McKee (D). State lawmakers approved a 1% surtax on income over $1 million in FY27, with additional 1% increases in each of the next two years, instead of the single 3% hike McKee initially proposed. Supporters see it as a way to replace shrinking federal funds while balancing revenue needs with concerns about business climate and high\u2011earner flight. Republicans unsuccessfully pushed multiple amendments to remove or scale back the provision before voting against the budget.<\/p>\nWashington<\/strong><\/h4>\nIs Washington\u2019s Millionaire Tax Already Failing? – WSJ<\/a>
Washington State\u2019s new 9.9% millionaire tax, scheduled to start in 2028, is already backfiring by encouraging high earners and entrepreneurs to move to no\u2011income\u2011tax states such as Nevada and Florida, writes James Freeman in an opinion piece. The author cites recent relocations by prominent business figures and notes that, despite heavy tax burdens and recent code changes, the governor\u2019s budget office is warning of significant upcoming shortfalls while admitting that spending growth is outpacing revenue. The piece also highlights legal and political uncertainty around the tax, with officials instructing agencies not to count on the projected revenue because of court challenges and possible ballot measures, and questions whether any millionaires will remain in Washington by the time collections are slated to begin.<\/p>\nHawaii<\/strong><\/h4>\nThe Tax Collector\u2019s Paradise – WSJ<\/a>
The Wall Street Journal Editorial Board argues that Hawaii\u2019s recent increase of its top marginal income tax rate from 11% to 13%\u2014applied to single filers earning over $500,000\u2014reflects a broader trend among Democratic-led states raising taxes on high earners. The Board frames the change as part of a \u201ctax contagion,\u201d noting similar increases in states like Washington and Maine and highlighting that many of the highest-tax states are under Democratic control.<\/p>\nOther<\/strong><\/h4>\nWealth Taxes Risk UK Growth for Little Revenue, Analysis Finds – Bloomberg<\/a>
New Bloomberg analysis suggests that proposals to increase UK wealth taxes would likely raise only modest additional revenue while risking slower economic growth. Britain already taxes capital and property relatively heavily and higher rates would trigger behavioral responses that erode the base. The analysis notes that asset-related taxes are on track to reach about a tenth of total tax receipts by 2030. Instead of relying on wealth-tax hikes to fund significantly higher public spending, the analysis suggests that structural reforms, like replacing stamp duty with a more efficient land or property levy and overhauling council tax, might improve economic efficiency and shift burdens.<\/p>\n[\/et_pb_text][et_pb_cta title=”Want to learn more?” button_url=”https:\/\/familyenterpriseusa.com\/polling-and-research\/wealth-tax\/” button_text=”Visit our State and Federal Wealth Tax Tracker – Click Here ” admin_label=”State and Federal Wealth Tax Tracker CTA” _builder_version=”4.27.6″ _module_preset=”default” background_color=”#fc2f36″ custom_padding=”13px||18px|||” global_module=”17129″ 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_module=”6751″ global_colors_info=”{}”]<\/p>\n
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About Brownstein Hyatt Farber Schreck
<\/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>\n[\/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
We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\nAs 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
\nFamily 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
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#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’s wealth tax developments span coast to coast and across the Atlantic: California’s proposed billionaire tax faces mounting opposition from an unlikely coalition of labor unions, business groups, and medical interests as it heads toward the November ballot, while Rhode Island’s legislature sent a phased millionaire tax to the governor’s desk and Washington State\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":17519,"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":[48,92,115],"tags":[],"class_list":["post-17515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business","category-wealth-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17515","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=17515"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17515\/revisions"}],"predecessor-version":[{"id":17520,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17515\/revisions\/17520"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/17519"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
The California Teachers Association has voted to oppose the proposed California wealth tax. The union says that, after internal debate, it concluded the measure would not provide sustainable, long-term funding for schools and communities, and joins other liberal and health-sector groups that have recently announced opposition.<\/p>\n
Master strategists weigh in on California wealth tax – Sacramento Bee<\/a> Billionaire tax sparks war as California union opposes \u2013 New York Post<\/a> FY27 budget heads to Gov. McKee\u2019s desk after Senate approval – Rhode Island Current<\/a> Is Washington\u2019s Millionaire Tax Already Failing? – WSJ<\/a> The Tax Collector\u2019s Paradise – WSJ<\/a> Wealth Taxes Risk UK Growth for Little Revenue, Analysis Finds – Bloomberg<\/a> [\/et_pb_text][et_pb_cta title=”Want to learn more?” button_url=”https:\/\/familyenterpriseusa.com\/polling-and-research\/wealth-tax\/” button_text=”Visit our State and Federal Wealth Tax Tracker – Click Here ” admin_label=”State and Federal Wealth Tax Tracker CTA” _builder_version=”4.27.6″ _module_preset=”default” background_color=”#fc2f36″ custom_padding=”13px||18px|||” global_module=”17129″ 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_module=”6751″ global_colors_info=”{}”]<\/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. 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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. 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The California wealth tax has garnered opposition from an unusual coalition of business groups, medical interests, and some Democrats. Strategists argue that despite support from labor groups like SEIU-UHW\u2014who frame the tax as a way to fund struggling hospitals\u2014the measure faces significant headwinds, including well-funded opposition campaigns, competing ballot initiatives, and voter fatigue.<\/p>\n
An increasing split within California\u2019s labor movement over the wealth tax is growing. The State Building and Construction Trades Council, led by Chris Hannan, has come out against the measure, warning that a retroactive billionaire tax would drive wealthy investors and their capital out of the state, jeopardizing large construction projects and associated union jobs.<\/p>\nRhode Island<\/strong><\/h4>\n
Rhode Island\u2019s FY2027 budget, which included a phased millionaire tax, passed the state legislature and was sent to Gov. Dan McKee (D). State lawmakers approved a 1% surtax on income over $1 million in FY27, with additional 1% increases in each of the next two years, instead of the single 3% hike McKee initially proposed. Supporters see it as a way to replace shrinking federal funds while balancing revenue needs with concerns about business climate and high\u2011earner flight. Republicans unsuccessfully pushed multiple amendments to remove or scale back the provision before voting against the budget.<\/p>\nWashington<\/strong><\/h4>\n
Washington State\u2019s new 9.9% millionaire tax, scheduled to start in 2028, is already backfiring by encouraging high earners and entrepreneurs to move to no\u2011income\u2011tax states such as Nevada and Florida, writes James Freeman in an opinion piece. The author cites recent relocations by prominent business figures and notes that, despite heavy tax burdens and recent code changes, the governor\u2019s budget office is warning of significant upcoming shortfalls while admitting that spending growth is outpacing revenue. The piece also highlights legal and political uncertainty around the tax, with officials instructing agencies not to count on the projected revenue because of court challenges and possible ballot measures, and questions whether any millionaires will remain in Washington by the time collections are slated to begin.<\/p>\nHawaii<\/strong><\/h4>\n
The Wall Street Journal Editorial Board argues that Hawaii\u2019s recent increase of its top marginal income tax rate from 11% to 13%\u2014applied to single filers earning over $500,000\u2014reflects a broader trend among Democratic-led states raising taxes on high earners. The Board frames the change as part of a \u201ctax contagion,\u201d noting similar increases in states like Washington and Maine and highlighting that many of the highest-tax states are under Democratic control.<\/p>\nOther<\/strong><\/h4>\n
New Bloomberg analysis suggests that proposals to increase UK wealth taxes would likely raise only modest additional revenue while risking slower economic growth. Britain already taxes capital and property relatively heavily and higher rates would trigger behavioral responses that erode the base. The analysis notes that asset-related taxes are on track to reach about a tenth of total tax receipts by 2030. Instead of relying on wealth-tax hikes to fund significantly higher public spending, the analysis suggests that structural reforms, like replacing stamp duty with a more efficient land or property levy and overhauling council tax, might improve economic efficiency and shift burdens.<\/p>\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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