Wealthy States Push for Higher Tax Rates

0:00This is your global news update for March 11. Chuck Collins, heir to the Oscar mayor fortune, sees his wealth as a lucky break, and wants the super-rich to pay more in taxes. He's helped push through a 4% surtax in Massachusetts on income over $1 million, which is raised $6 billion for schools, and roads. Now, similar ideas are gaining traction in blue states like California, Maryland, Minnesota, and New Jersey. In Washington state, lawmakers are close to creating its first income tax in nearly a century, targeting earnings over $1 million at about 10%. The House passed a bill after an all-night debate, and is heading back to the Senate before the session ends Thursday. Democratic leaders say the revenue would fund free school meals, childcare, family credits, and cut sales taxes on essentials like shampoo. Supporters argue Washington's tax system has been unfair to working families for 93 years, and this change would make it fairer without. Turning the state into a tax haven,

1:01critics, including Republican lawmakers and local millionaires, worry it could chase away businesses and force people to leave. One roofing company owner says it might hit his reinvestments hard, especially after recent capital gains hikes. Other blue states are moving fast, too. California i's a 5% one-time tax on billionaires assets to help low-income health care. Rhode Island and Michigan are debating higher rates on top earners to boost schools, while New York and Illinois mayors push similar plans despite. Some resistance. Meanwhile, red states are going the other way, cutting income taxes, or eliminating them entirely in eight places. This divide highlights growing debates over inequality, with groups like patriotic millionaires saying it's time for the wealthy to contribute more. Amid tough times for everyone else. A quick thank you to our sponsor of today's episode. Do not just fall asleep, drift into what you are listening to, S-O-L-I-SoliPillow.com.