Voters usually decide one or two income or wealth tax measures a year. This midterm season, there are nine
Source: Fortune ·
Colorado, Washington and Cook County voters will also weigh taxes on top earners, while other states move to make taxes harder to raise.
From the source
California’s billionaire tax has gotten the headlines, and the billionaires paying to stop it make up a good share of them. They’ve poured tens of millions of dollars into defeating Prop 40, a one-time 5% levy on their net worth to help offset federal cuts to health spending. Google cofounder Sergey Brin and others are pushing efforts for Props 41 and 42, which would effectively stop Prop 40 were it to pass. But Prop 40 is one entry on a much longer list. Voters in six states will decide nine statewide measures on income or wealth taxes this year. From 2000 to 2025, voters decided 40 such measures—a pace of roughly one and a half a year—and they’ve been evenly split: 20 approved, 20 defeated. Lawmakers in these states haven’t been asking voters to raise taxes on the rich: most measures that would create or raise taxes were put there by citizen initiatives, created by activists and unions. Growing political willpower This year, there are measures to increase taxes on the rich in…
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