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.
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10%? Those are rookie numbers compared to the USA in 1944. Gotta pump up those numbers.
Don’t worry after a few billionaires move they’ll raise that income tax and lower the bracket to include us plebs.
Taxation of the ultra-wealthy hasn’t resulted in that in other states. The business ties which create that wealth keep them in place
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
This is literally the GOP talking point that was used to argue against this bill, btw.
It didn’t happen in NYC or anywhere else this was implemented. Also, note that the difference between a million dollars and a billion dollars is about a billion dollars. I’m not sure why you’re me mentioning only billionaires when this doesn’t just apply to them.
Are you prepared to eat those words? Because it sure looks like they failed to add the amendment that would have prevented it from happening.
Also you do know there are occasions where the GOP can be right and on the same side as us plebs even if their party is full of pedophiles.
But you seem to be quick to label people MAGA so you probably won’t listen to anything I say which is right out of the MAGA playbook.
This is TERRIBLE News!
-People who make $20000/year and COMPLAIN about the State Budget not having Enough Money!
It actually is. There were amendments to use that extra revenue to help those making 20k a year but our legislature chose not to add those amendments. They also chose to not amend it so they can’t lower the tax bracket.
8 Democrats agreed with all Republicans that those amendments should have been added.
People trying to blame and lay sides over this subject like those opposing are ignorant or something is a serious mistake and they themselves are ignorant of what is actually being made law.
Even people here will say I am using GOP talking points but even a broken watch can be right at least once a day even if it’s a party full of MAGAts.
Income is worthless. Needs to be on gross owned assets
It’s better than what we had before, which was nothing. It should be expanded to include all types of income, assets, and holdings though.
