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Blue States Target Wealthy with New Tax Hikes

8/16/2025

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Summary

Story summary

Blue states in the U.S. are considering tax increases for wealthy residents to fill budget deficits caused by federal tax cuts.
Rhode Island's "Taylor Swift tax" targets vacation homes valued over $1 million.
Montana and Maryland are also raising taxes on high earners.
Washington increased its capital gains tax from 7% to 9%, excluding real estate, amid concerns of wealthy residents moving to lower-tax states.

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Story summary

Blue states in the U.S. are considering tax increases for wealthy residents to fill budget deficits caused by federal tax cuts.
Rhode Island's "Taylor Swift tax" targets vacation homes valued over $1 million.
Montana and Maryland are also raising taxes on high earners.
Washington increased its capital gains tax from 7% to 9%, excluding real estate, amid concerns of wealthy residents moving to lower-tax states.