Democratic states seek to hike taxes on the wealthy [CNBC]
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Source: CNBC
Efforts to single out millionaires and billionaires differ from previous tax hikes, which sought higher, progressive marginal rates on a broader population to raise revenue. CNBC breaks down which states have the highest effective rates on top earners, and which are looking to hike. A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. A new “blue wave” of tax hikes on the wealthy is rippling through state legislatures, as Virginia, Washington state, Rhode Island and others join California in calls for higher taxes on top earners and billionaires. With states facing potential cuts in federal aid and Democrat lawmakers emboldened by rising populism and a growing economic divide, legislators and governors in many blue states are preparing a range of new taxes on the wealthy. At the same time, many red states continue to
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