As cash-strapped US states look to plug holes in their budgets, plans to raise taxes on the super-wealthy are gaining support. The most prominent is California’s proposal for a “one-time” 5 per cent tax on the total wealth of residents with a net worth of $1bn or more, which could go to a ballot in November. Elsewhere, New York mayor Zohran Mamdani has threatened higher property taxes if state legislators do not approve his proposed levy on millionaires. Virginia, Washington and Rhode Island are also weighing raids on the rich. Targeting the well-heeled has political appeal, particularly given the soaring wealth of elites and the cost-of-living concerns of the rest of the population. But these measures will do more harm than good.
随着资金紧张的美国各州