At some point, every government hits a limit on how much it can squeeze out of taxpayers. What’s happening now in several traditionally high-tax states suggests they may be reaching that point sooner than expected.
Across places like California, New York, Washington, Massachusetts, Michigan, and Connecticut, lawmakers are rolling out new tax proposals aimed squarely at high earners and wealthy residents. The logic seems straightforward: budget gaps need to be filled, and the people with the most resources should contribute more. But layered into some of these proposals is something more controversial—ideas like exit taxes, which would attempt to tax people even as they leave the state.
Read Full Article: https://ijr.com/multiple-states-echo-new-tax-strategy/
