ADDED REVENUE FROM MILLIONAIRE TAX
December 5, 2022 - Douglas Myser
Added revenue from millionaire tax. Multiple states in the U.S. have implemented a millionaire tax, but each one seems to have a different plan for how to spend the money. The $1.3 billion for Massachusetts, if passed, would be used to fund education at public schools, for additional infrastructure projects like roads, bridges and other projects. California had a projected $3.5 to $5 billion proposal to raise money for a zero emissions program, as they have some serious pollution problems in multiple cities, and for wildfire prevention and tactics for dealing with wildfires. Added revenue from millionaire tax.
Proposition 30, proposed by Gov. Gavin Newsom, believes that the zero net emissions program, will negatively hurt the economy, but it will help with easing the cost of health care, as sickness form pollution is going up drastically, and it will help ease environmental impacts to crop damage. This would be a major benefit to California. In Massachusetts, the discussion about a progressive tax has been going on for some time. They have a current flat rate of 5%, regardless of income, which is tilted towards the upper income brackets, and hurts the poor. On the other hand California currently taxes the folks making over $1 million a year at 13.3%, as they use a graduated income tax system. Tax Resolution can help those with high income taxes and the need for options with large tax debts.
Since California already has a high top end rate, this measure may be seen as taking the high end rate a bit too far. Whether this is part of a larger National Trend, is uncertain, as many states have gone the other way since the Reagan Revolution and Trickle Down Economics spawned IRS tax cuts for the rich, that really exacerbated the income inequality in America. If these tax policies have hurt you and you find yourself with a tax debt, Tax Resolution Services can determine all your Tax Relief options. Those trends have become so obvious that many Americans are now protesting at the ballot box, their disapproval of politicians who vote for tax cuts for the rich.