Forbes: State Experimentation With Wealth Taxes (January 31, 2023)

Forbes has published an article, “State Experimentation With Wealth Taxes,” which discusses the future of a federal wealth tax in tax policy. The article begins as follows:

The idea of a wealth tax as a panacea for budgetary shortfalls at the federal and state levels has been around since at least the 1930s. Recently, using wealth as a source of tax revenues has heated up. Starting with the 2020 Presidential campaign, Senator Bernie Sanders, Senator Elizabeth Warren and others floated the idea of a wealth tax at the federal level. This was not just rhetoric for an election, shortly after the election Senators Sanders and Warren published stand-alone bills. However, none of the stand-alone bills or another version of a targeted wealth tax ended up in any final budgetary legislation like the Build Back Better Act or the Inflation Reduction Act.

Click here to see the full article: “State Experimentation with Wealth Taxes”

Posted by Melissa Zheng, Associate Editor, Wealth Strategies Journal.

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