Summary
Some U.S. states are considering raising taxes on the ultra-wealthy to address budget shortfalls. States like California, Connecticut, and Hawaii have proposed different measures to tax high-net-worth individuals and generate revenue for public services.
Key Facts
- 14 U.S. states are exploring ways to address projected budget deficits.
- Some states propose higher taxes on the ultra-wealthy as a solution.
- California plans to introduce a "Billionaire Tax Act" with a 5% tax on the wealthy to raise $100 billion.
- Connecticut is considering a 1.75% surcharge on capital gains for high earners.
- Hawaii proposed a 1% tax on net assets over $20 million.
- The wealth gap in the U.S. has increased significantly, with calls for higher taxes on the rich.
- Some fear higher taxes might drive wealthy residents to move to states with lower taxes.
