The states raise taxes on the wealthy to bridge budget gaps and displace federal discounts

Blue states around the United States plan to increase taxes on the wealthy population to achieve additional revenues through a variety of proposals, including the so -called state “what is called”Taylor Swift tax.”

The movements come after the enactment of the law of the beautiful draft law (OBBA) by the president Donald Trump Republicans in Congress, which has always extended many tax cuts for 2017 and included other new tax reduction provisions as well as spending discounts on programs such as Medicaid.

Democrats argue that there is a need for tax increase proposals to help bridge gaps in state budgets and compensate for any federal dollars lost for aid and other programs.

The state of Rudd Island is a new tax this summer will impose a special tax on holiday homes worth one million dollars or more, which has become known as “Taylor Swift Tax” because of the music star who owns a house in part of the priests from West, Rod Island, Wall Street Magazine I mentioned.

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“Taylor Swift Tax” in Rod Island is a tax of $ 2.50 for every $ 500 of the estimated value of more than one million dollars, which is what RealTor.com Analysis The ability will lead to an additional $ 136,000 real estate taxes on her luxury home in the $ 17 million.

Montana wants to increase Property taxes On non -initial housing, adopting a new reform that reduces property tax rates for the primary homes occupied by the owner while walking long distances at a rate to 1.9 % for second homes or short -term rents, with industrial real estate also to face high fees.

The legislators informed not only, but stimulates the owners of holidays or second homes to sell those properties to inject more stocks into the narrow real estate market.

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In this spring, Maryland has enacted a new tax policy that raises income tax rates for residents who earn more than $ 500,000 annually to narrow the state budget deficit.

There is another country in the northeast and it also examines a tax increase on the wealthy population, with legislators in Connecticut, given the legislation that will raise income tax rates on individuals who earn $ 250,000 or more, or twice this amount for couples, to help compensate for an expected decrease in Federal financing.

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Washington state this spring approved a budget that it raises Capital gains The tax from 7 % to 9 %, although the tax structure excludes real estate sales and focuses on other transactions such as those that include stocks, bonds or commercial interests. Washington has no income tax, and the state constitution prohibits one.

Washington has witnessed in the past that the wealthy residents are leaving the state to avoid the high tax burden, such as when the Amazon founder Jeff Bezos left for a low -tax Florida.

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This phenomenon occurred in other high -tax states, such as California, New York, New Jersey and Illinois, which witnessed that the wealthy population and companies left for the benefit of low -tax states.