7 States. 60% Nation’s Wealth. Tax Overhauls.

7 states (CA, HI, CT, IL, MD, NY & WA) represent about 60% of the nation’s wealth. All 7 states are proposing wealth taxes this week.

The Tax Foundation describes wealth taxes as ” wealth taxes are “economically destructive, their base is almost impossible to measure accurately, and they create perverse incentives and promote costly avoidance strategies. Very few taxpayers would remit wealth taxes—but many more would pay the price.”

Tax Foundation | Wealth Tax Proposals Are Back as States Take Aim at Investment