In the run up to the midterm elections where costs are top of mind for many people, voters in Massachusetts and California are being asked to decide if millionaires in their states should taxed more to help pay for large-scale public goals like improved infrastructure and widespread electric vehicle purchases.
A ‘yes’ vote in California’s Proposition 30 puts a 1.75% surtax on income above $2 million. The state already has a top rate of 13.3%, the steepest rate for a state income-tax code. The revenue on the 20-year tax would go towards zero emission vehicle purchase incentives for consumers and businesses. It would also bring in more money for charging stations and wildfire prevention.
Such votes are not easy to predict. “Income-tax changes have been 50/50 in past years,” said Jared Walczak, vice president of state projects for the right-leaning Tax Foundation. “Ballot results often surprise outside observers.” There are a number of other current tax-related state ballot votes. In Arizona, for example, Proposition 132 would make it harder for a tax proposal to gain approval, needing 60% of the vote.
So Proposition 30’s battle lines may offer some surprise twists. Lyft LYFT is a major backer that’s poured millions into the campaign to pass the measure, state records show. Other endorsements come from the California Democratic Party, an array of environmental groups, the American Lung Association, organized labor and more.
— California Gov. Gavin Newsom speaking on CNBC By 2030, California rules say at least 90% of Lyft and Uber’s UBER miles have to come from EVs. The companies have pledged to completely use zero-emissions vehicles by then. — ‘Yes on 30’ spokesman Steven Maviglio Adding the 1.75% “millionaire” tax to the 13.3% top bracket takes the top rate to 15.05%. Changes on California’s 1.1% payroll taxes beginning in 2024 could also push the top income-tax rate to 16.15%, Walczak said.
Lyft referred comment to “Yes on 30” spokesman Steven Maviglio. There’s “no way” the state’s residents can get to the 2035 goal of no new gas-powered vehicles “without massive, dramatic measures to do that,” he said, rejecting the argument that higher taxes on the rich would scare off high earners.
as a Massachusetts resident i can say that it really feels like none of our tax money goes to infrastructure at all. This bill will accomplish nothing for our state. It will only drive big money away.
The bill will tax everyone
Lol.. can’t wait until they end up leaving and the middle class gets hit by tax hikes
You don’t need to tax them more, they just don’t need to have more write offs/loopholes than the average American. If they just paid their fair shares, this wouldn’t be a discussion.
Yes ✔️
There is a percentage to pay Everyone should pay the exact same percentage no matter their income And no one should be paid based on tips! Tips are a gratuity for a job well done. They should be untaxed, within reason. Wait staff, drivers, etc should get an hourly/salary
Nobody should pay any tax. Taxes are simply theft by the government.
Taxation is theft.
The top 5% of wage earners already pay 60% of the nation’s income taxes.
It’s not about “more”, it’s about fair share.