Liberals Push For New State Wealth Tax

Progressive legislators are hoping the time is right to hike taxes on the rich, especially after three pandemic years. In a coordinated effort, lawmakers in eight states are proposing new taxes on their resident billionaires and ultra-millionaires. The ideas — unveiled in California, Connecticut, Illinois, Hawaii, Maryland, Minnesota, New York and Washington — include a “wealth tax” on assets in some states — a concept that Massachusetts Sen. Elizabeth Warren advocated for, but that hasn’t gained traction in Congress. Similar bills have died before, but the political left isn’t ready to give up on a populist argument that the richest Americans need to pay more in taxes.