Tax News & Insights for January 30, 2023
A collection of news articles and commentary to help you stay informed with the latest news in tax politics, policy, and controversy.
Last week, eight states (California, New York, Illinois, Maryland, Hawaii, Minnesota, Connecticut, and Washington) introduced legislation enacting some variation of a wealth tax on the highest earners. Pro-tax activists like to point at European countries' experience with wealth taxes, often pointing to Sweeden and the Netherlands, but fail to notice those taxes were abandoned. Frankly, I was surprised we did not see a wealth tax in the presession filed bills. Then again, Oregon already taxes capital gains (wealth) as ordinary income and there is a bill to raise the top income tax rate to 13 percent.