The Wall Street Journal has published an article, “Some Democratic Lawmakers Push for Wealth Tax on New York Billionaires,” which discusses New York state lawmakers’ new income tax collection plan. The article begins as follows:
New York state lawmakers are considering an unprecedented form of wealth tax as they search for revenues to plug a budget hole exacerbated by the coronavirus pandemic.
A growing coalition of unions, progressive advocacy groups and Democratic officials has endorsed a slate of six revenue bills, including a so-called mark-to-market tax on billionaires, which would require them to pay capital-gains taxes each year as their assets appreciate, even if they don’t sell.
Click here to see full article: “Some Democratic Lawmakers Push for Wealth Tax on New York Billionaires.”
Posted by Bella Hoang, Managing Associate Editor, Wealth Strategies Journal.