{"id":9516,"date":"2026-04-29T07:33:37","date_gmt":"2026-04-29T12:33:37","guid":{"rendered":"https:\/\/westplexnews.com\/index.php\/2026\/04\/29\/millionaire-taxes-gain-steam-as-states-face-budget-crunches-2\/"},"modified":"2026-04-29T07:33:37","modified_gmt":"2026-04-29T12:33:37","slug":"millionaire-taxes-gain-steam-as-states-face-budget-crunches-2","status":"publish","type":"post","link":"https:\/\/westplexnews.com\/index.php\/2026\/04\/29\/millionaire-taxes-gain-steam-as-states-face-budget-crunches-2\/","title":{"rendered":"Millionaire taxes gain steam as states face budget crunches"},"content":{"rendered":"
\"Labor
\n

Labor unions and other supporters of an income tax on millionaire earners rallied at the Washington state Capitol in Olympia in February. A growing number of liberal states are considering raising taxes on their wealthiest residents (Bill Lucia\/Washington State Standard).<\/p>\n<\/figcaption><\/figure>\n

While the idea of a special tax on millionaires is hotly debated across the country, Maine state Rep. Cheryl Golek characterized her state\u2019s new tax as a modest and reasonable step toward fairness.<\/p>\n

That\u2019s because, she said, working- and middle-class households in Maine \u2014 including teachers, firefighters and nurses \u2014 are paying effective state income tax rates similar to or higher than those of the highest earners.<\/p>\n

\u201cThose who benefit the most from our economy do so because of the people, infrastructure and communities that support that success,\u201d said Golek, a Democrat. \u201cAsking for a small additional contribution from the wealthiest in our state is a reasonable and widely supported step toward a fairer system.\u201d<\/p>\n

The legislation signed by Democratic Gov. Janet Mills this month will add a 2% tax to households whose income exceeds $1 million per year.<\/p>\n

Maine and Washington, which enacted its own law last month, are among the latest Democratic-led states to ask for more tax dollars from the rich as national wealth inequality widens and states face heightened budget pressures. They follow the lead of other states including New Jersey and Massachusetts that have implemented specific taxes for the rich.<\/p>\n

The idea is gaining traction as lawmakers in at least a dozen states<\/a>, including Illinois, Minnesota, Rhode Island and Virginia, have proposed new taxes for the wealthiest taxpayers. In California, advocates this week announced they gathered enough signatures for a ballot initiative that would impose a one-time tax on billionaires. But these proposals often stir yearslong battles.<\/p>\n

The taxes can take different forms \u2014 taxing annual incomes above a certain threshold or taxing capital assets, including high-value stocks and real estate. Earlier this month, New York Mayor Zohran Mamdani and Gov. Kathy Hochul, both Democrats, proposed a new pied-\u00e0-terre tax<\/a> for homes valued above $5 million when owners have a separate primary residence outside of New York City.<\/p>\n

In neighboring New Jersey, those earning over $1 million per year face an income tax top rate of 10.75% in addition to a so-called mansion tax on the sales of high-value homes.<\/p>\n

Proponents say these moves can help balance state tax structures that are tilted against lower earners. The left-leaning Institute on Taxation and Economic Policy says the tax systems of 40 states favor the wealthiest earners. But opponents argue that these measures levy new taxes on business owners, dissuading local investment and encouraging rich residents to move away \u2014 especially risky during a time when many other states are slashing taxes.<\/p>\n

\u201cWhen the outlook of our population growth is stagnant and we should be attracting people to Maine, it puts a disincentive to people to call Maine home,\u201d Patrick Woodcock, president and CEO of the Maine State Chamber of Commerce, said during a news conference <\/a>ahead of the state House vote on the tax.<\/p>\n

The rising push to tax the wealthy in liberal states comes as some red states are moving to more regressive<\/a> tax systems, which put a higher burden on lower earners.<\/p>\n

\u201cYou increasingly have two poles where you have a larger number of states with fairly low income taxes and a smaller but still significant number of states that have doubled down on high rates, particularly high rates on high earners,\u201d said Jared Walczak, senior fellow at the conservative-leaning Tax Foundation.<\/p>\n

He said increasing income taxes pushes wealthy people and employers to low-tax states. Even if individuals don\u2019t directly move because of taxes, they follow businesses to other states, he said.<\/p>\n

And some progressives are wary of going too far: California Democratic Gov. Gavin Newsom is opposing<\/a> the ballot initiative that would impose a one-time 5% tax on those whose net worth exceeds $1 billion. Hochul, who pushed for the new tax on second homes in New York City, has warned that more tax increases on the millionaires and billionaires could hollow out a crucial portion of the state\u2019s tax base.<\/p>\n

Walczak said only a handful of in-demand places can afford to impose higher taxes for the same reason that people pay higher rents.<\/p>\n

\u201cIt\u2019s worth it to a lot of people,\u201d he said. \u201cPeople are willing to pay very high rent, but there\u2019s a limit. In the same way, they\u2019re willing to pay higher taxes to live in New York, but there is a limit.\u201d<\/p>\n

Rising wealth inequality<\/h4>\n

The gap between the rich and poor has been widening for decades.<\/p>\n

Wealth for the bottom fifth of American households has barely moved in recent decades, while the top 0.1% have seen their wealth increase by nearly $40 million each, according to an analysis<\/a> by the anti-poverty nonprofit Oxfam America.<\/p>\n

Between 1980 and 2022, the share of national income going to the top 1% doubled, while the share going to the bottom 50% fell by a third, Oxfam reported.<\/p>\n

Recent federal policy changes have only exacerbated the need for progressive state tax changes, said Amber Wallin, executive director of the State Revenue Alliance, which is lobbying for higher taxes for the wealthy across multiple states.<\/p>\n

President Donald Trump\u2019s major tax and spending bill, often called the One Big Beautiful Bill Act, slashed funds<\/a> for safety net programs including food stamps and Medicaid. At the same time, it provided tax cuts that largely benefit the wealthy<\/a>.<\/p>\n

\u201cSo we know millions will lose access to healthcare, millions will lose food assistance, and states all across the country will see funding cuts for key programs,\u201d she said. \u201cWe know that people power a strong economy, not tax cuts for the wealthy, and when the rich pay their fair share of taxes, we all benefit.\u201d<\/p>\n

Since Massachusetts voters in 2022 approved a 4% surtax on annual incomes above $1 million, that Fair Share Amendment has provided the commonwealth with $6 billion<\/a> in transportation and education funding.<\/p>\n

But Jim Stergios, executive director at the libertarian-leaning Pioneer Institute, said it\u2019s not just the ultra-wealthy who are paying that tax. People who record a one-time sale of a business or a home can face the tax even if they\u2019re not earning over $1 million every year, he said.<\/p>\n

He said the tax is pushing residents out of the state and dampening business investment. Federal data from the U.S. Census Bureau shows Massachusetts lost more than 33,000 residents to other states last year, though Democratic Gov. Maura Healy noted the overall population did increase because of foreign immigration. Stergios noted lawmakers are still facing challenges balancing the state budget even with the new revenue.<\/p>\n

\u201cSo over the long term, it\u2019s not going to have a salutary effect,\u201d he said. \u201cWe\u2019re going to continue to have budget problems. We do have budget problems even with this.\u201d<\/p>\n

Proponents and opponents of the state\u2019s millionaire\u2019s tax have touted recent IRS data <\/a>in their arguments: Residents leaving Massachusetts took a total of $4.2 billion in adjusted gross income with them in 2023, the first year of the new tax, Bloomberg reported. Yet the number of residents moving out of Massachusetts who reported income of $200,000 or more fell after the tax was implemented.<\/p>\n

\u201cThere\u2019s no real evidence of millionaire out-migration. I\u2019m sure there\u2019s some isolated anecdotes, but the actual data don\u2019t show it,\u201d said Phineas Baxandall, director of research and policy analysis at the left-leaning Massachusetts Budget and Policy Center.<\/p>\n

He said one piece of evidence that the wealthy remain in Massachusetts are the proceeds of the tax itself, which are funding major priorities including free community college and expanding childcare subsidies for thousands.<\/p>\n

\u201cMassachusetts is rightfully fearful of the federal cuts that are happening,\u201d Baxandall said, \u201cbut we\u2019ve been able to still move forward with real, transformational investments.\u201d<\/p>\n

Multiyear efforts<\/h4>\n

Though interest in raising taxes on the rich is growing across the country, the idea faces considerable skepticism and often requires years of organizing.<\/p>\n

In March, Michigan advocates announced they would suspend their campaign<\/a> to put on the statewide ballot a 5% tax on individual incomes over $500,000 and joint incomes over $1 million.<\/p>\n

\u201cWe always knew that we were going to face strong headwinds from billionaires who don\u2019t want to pay their fair share,\u201d Rachelle Crow-Hercher, president of the Invest in MI Kids steering committee, said in a statement to Michigan Advance. That coalition plans to eye the 2028 election cycle instead, she said.<\/p>\n

Last week, Illinois House Speaker Emanuel \u201cChris\u201d Welch announced he would drop a push for a new millionaire\u2019s tax as Democrats came up short of the necessary supermajority needed to put the issue on this fall\u2019s ballot.<\/p>\n

Welch believes the issue will come before lawmakers again, but after missing a key legislative deadline it won\u2019t be eligible for a statewide vote until 2028. He said it remains popular among voters. Lawmakers proposed using proceeds of a new tax for schools and property tax relief.<\/p>\n

\u201cI believe that we should tax the rich and the rich should pay more,\u201d he said. \u201cTo those who much is given, much is required.\u201d<\/p>\n

\n
\n
<\/div>\n
\n

I believe that we should tax the rich and the rich should pay more. To those who much is given, much is required.<\/p>\n<\/div>\n

\n

\u2013 Illinois House Speaker Emanuel \u201cChris\u201d Welch<\/b><\/p>\n<\/div>\n<\/div>\n<\/div>\n

Meanwhile, the newly enacted Washington tax faces a lengthy, though expected, court challenge<\/a>.<\/p>\n

The legislation<\/a> signed last month by Democratic Gov. Bob Ferguson imposes a 9.9% tax on household income above $1 million a year. Opponents argue that income is property and thus must be taxed uniformly because of state constitutional requirements.<\/p>\n

In addition to the constitutional concerns, Republican state Rep. Jim Walsh said the new law opens the door for lawmakers to eventually expand income taxes to more households \u2014 not just the rich. Instead of raising revenue, he said Democratic lawmakers should focus on cutting spending, noting the state operations budget has more than doubled<\/a> in the past decade.<\/p>\n

\u201cThe problem is not the financing mechanism of the state\u2019s operations,\u201d he said. \u201cIt\u2019s the rate at which far-left advocates in the legislature have been increasing state government spending in the state. It\u2019s ridiculous.\u201d<\/p>\n

To Democratic state Sen. Noel Frame, the legislation brings the state\u2019s regressive tax code more in line with Washington\u2019s progressive politics. With no statewide income tax, sales and property taxes leave lower income earners to cover more of the cost of state services, making Washington\u2019s one of the nation\u2019s most regressive<\/a> tax systems.<\/p>\n

\u201cFor all the things that we do that are good, big, bold economic policy \u2014 to have the tax code that we have is just an embarrassment, and it\u2019s completely out of line with our values as a state,\u201d Frame said.<\/p>\n

Like the push for a $15 minimum wage started in liberal cities and states, Frame expects the millionaire tax movement will spread into more conservative areas.<\/p>\n

Already, some conservative states, including Idaho, Indiana and Florida, have made moves to reject<\/a> some of last year\u2019s federal tax changes that benefit corporations and the wealthy.<\/p>\n

\u201cThe people are demanding better,\u201d Frame said. \u201cAnd the more that people understand the deep connection of tax policy to income and wealth inequality, the more engaged they become.\u201d<\/p>\n

Stateline reporter Kevin Hardy can be reached at khardy@stateline.org<\/a>.\u00a0<\/em><\/p>\n

\n

This story was originally produced by Stateline<\/a>, which is part of States Newsroom, a nonprofit news network which includes Missouri Independent, and is supported by grants and a coalition of donors as a 501c(3) public charity.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Labor unions and other supporters of an income tax on millionaire earners rallied at the Washington state Capitol in Olympia in February. A growing number of liberal states are considering raising taxes on their wealthiest residents (Bill Lucia\/Washington State Standard). 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A growing number of liberal states are considering raising taxes on their wealthiest residents (Bill Lucia\/Washington State Standard). 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