The bill imposes a 9.9% tax on income of over $1 million a year, with the first payments due in 2029. It would raise an estimated $3 billion to $4 billion annually, helping to fund schools and other state services.
Archived copies of the article:
The bill imposes a 9.9% tax on income of over $1 million a year, with the first payments due in 2029. It would raise an estimated $3 billion to $4 billion annually, helping to fund schools and other state services.
Archived copies of the article:
Because those states already have an income tax that specifically blocks a higher tax rate for lower income and they used the extra revenue to help small businesses. Our law didn’t. In fact our legislature (except for 8 Dems and All Reps) purposely made it law without those amendments.
Im sorry but you’re simply wrong about what state (and local) income taxes elsewhere look like.
For example both California and New York City have high top marginal tax rates like this, and while billionaires make a lot of noise, they are largely unable to move away without sacrificing their source of income. That money goes into the state general fund, not directly to subsidies for small businesses. Large parts of the country are similar.
I’m sorry but you are simply wrong as well. CA and NY have both seen wealthy residents leaving. https://www.businessinsider.com/where-rich-people-are-moving-florida-texas-tennessee-north-carolina-2024-1#%3A~%3Atext=The+great+wealth+‘realignment’%3A+Affluent+people+keep%2Cmovers+seek%3A+space%2C+weather%2C+and+lower+taxes. https://www.latimes.com/entertainment-arts/story/2026-01-10/california-made-them-rich-now-billionaires-flee-when-state-asks-for-little-something-back
Don’t try to attack me by saying I am wrong and then yourself lay a false claim down without any proof.
That’s the talk that you’re mistaking for action. A tiny fraction of wealthy retirees can and do leave. The bulk of the wealthy can’t